Botswana’s economic future hangs in the balance as it emerged in Francistown where experts and leaders gathered for the 17th National Business Conference organised by Business Botswana. With the country facing stagnant growth projections of just one percent for 2024, far below the necessary 6.7 percent to escape the middle-income trap and meet Vision 2036 goals, there is a growing consensus on the need for economic diversification.
Dr. Razia Khan, Chief Economist at Standard Chartered Bank, underscored the urgent need for a new economic strategy. The declining diamond markets, which have historically been a cornerstone of Botswana’s economy, are no longer sufficient to sustain growth. “Botswana stands at a crossroads,” Khan warned. “To avoid stagnation and the middle-income trap, the country must embrace diversification and innovation.”
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