[miningmx.com] – BOTSWANA’S economy would recover in 2016 but its budget deficit would also widen as revenue from diamond mining continued to deteriorate, said Reuters citing the country’s finance minister.
Delivering the national budget on February 1, Botswana’s finance minister Kenneth Matambo said that the economy is expected to grow by 4.2% this year after slowing to 1% in 2015 due to falling diamond production, water and power shortages.
Botswana, the world’s biggest producer of diamonds, where diamonds account for around 75% of its foreign exchange earnings and 30% of GDP, slashed its 2015 growth forecast as a sharp drop in prices of the precious stone hit the economy, said Reuters.
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