IMF slashes Botswana's 2024 growth forecast amid diamond market woes

The International Monetary Fund (IMF) has slashed Botswana’s 2024 growth forecast to 1% from an earlier April estimate of 3.6% due mainly to lower diamond production, it said in a statement. The budget deficit is also expected to widen to 6% from 3.45% due to a fall in mineral revenues, the IMF said, urging the diamond-rich southern African country to consider slowing down new infrastructure projects to help the economy.