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Experts feel that Botswana must now turn its attention to other sectors to revive the economy. The identified sectors are agriculture, tourism, and light manufacturing. Everyone is looking at the new government and its policies to kickstart the economy
In Botswana, the new administration arrives at a time of heightened economic uncertainty. Unemployment continues to rise, and global demand for diamonds, a cornerstone of the country’s economy, is slowing.
As the world’s second-largest producer of natural diamonds after Russia, Botswana faces a pressing need to diversify its economy away from diamond dependence. Experts argue that assertive negotiations with key players like De Beers may be critical in this new era.
Outside the big cities, young people blame the former Botswana Democratic Party (BDP) for having relegated agriculture to the sidelines. Although Botswana is one of the wealthiest countries per capita in sub-Saharan Africa, this decline in demand for diamonds saw its economic growth forecast for 2024 slashed to 1 percent.
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Economic issues dominated the campaign ahead of last month’s elections which was won by the opposition Umbrella for Democratic Change coalition led by Duma Boko. Analysts say that the new president must not only diversify the economy but must also encourage banks to invest in the agricultural sector. Experts feel that Botswana must now turn its attention to other sectors to revive the economy. The identified sectors are agriculture, tourism, and light manufacturing. Everyone is looking at the new government and its policies to kickstart the economy.
