{"id":5908,"date":"2022-04-25T16:22:52","date_gmt":"2022-04-25T16:22:52","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate"},"modified":"2022-04-25T19:25:22","modified_gmt":"2022-04-25T19:25:22","slug":"imf-shaves-botswanas-economic-growth-estimate","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate","title":{"rendered":"IMF shaves Botswana\u2019s economic growth estimate"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The International Monetary Fund (IMF) now expects the local economy to grow by 4.3 percent this year, down from a projection of 4.7 percent, amidst warnings that global growth will be hampered by Russia\u2019s invasion of Ukraine.<\/b><\/p>\n

The latest projections are contained in the IMF\u2019s World Economic Outlook (WEO) released on Tuesday and follow from the October WEO. The IMF\u2019s latest forecast is the same level that the Finance and Economic Development ministry projected in February during the Budget Speech.<\/p>\n

While IMF analysts did not provide details on the revision for Botswana, the WEO indicates that the global economy will come under pressure from the impact of the Ukraine war as well as COVID-19 lockdowns in China.<\/p>\n

\u201cThe war will severely set back the global recovery, slowing growth and increasing inflation even further,\u201d IMF analysts said. \u201cThis report projects global growth at 3.6 percent in 2022 and 2023\u20140.8 and 0.2 percentage points lower than in the January forecast, respectively. \u201cThe downgrade largely reflects the war\u2019s direct impacts on Russia and Ukraine and global spillovers.\u201d<\/p>\n

The WEO explains that because Russia is a major supplier of oil, gas, and metals, and together with Ukraine, of wheat and corn, the current and anticipated decline in the supply of these commodities has already driven their prices up sharply.<\/p>\n

\u201cEurope, Caucasus and Central Asia, Middle East and North Africa, and sub-Saharan Africa are most affected. \u201cThe food and fuel price increases will hurt lower-income households globally\u2014including in the Americas and Asia,\u201d the analysts said.<\/p>\n

Separately, a report by the World Bank released on Monday indicates that while countries such as Botswana have very little direct exposure to imports from Russia or Ukraine, the war will impact their economies through higher global commodity prices.<\/p>\n

The World Bank report indicates that Botswana has the ninth least direct imports from Russia or Ukraine.<\/p>\n

\u201cThe Russia-Ukraine conflict has affected sub-Saharan African economies through higher commodity prices and disruptions in international trade\u2014thus, aggravating existing supply chain problems,\u201d the World Bank noted. \u201cA sharp compression of imports from Russia and Ukraine, along with global trade deceleration and rising commodity prices, have affected countries in the region that are net commodity importers\u2014either through direct linkages with the countries in conflict or through soaring global commodity prices.\u201d<\/p>\n

The World Bank expects that while Botswana may benefit from the diamond trade shock caused by the Ukraine conflict, rising oil prices and softening demand in China for diamonds could add pressure on the economy.<\/p>\n

Meanwhile, the IMF\u2019s projection of 4.3 percent growth for Botswana in 2022 places the country above the 3.8 percent average expected for sub-Saharan Africa. The region\u2019s highest performers this year are expected to include Niger, South Sudan and Rwanda, while the low performers could include S\u00e3o Tom\u00e9 and Pr\u00edncipe as well as South Africa and Eswatini.<\/p>\n

Regionally, Botswana\u2019s forecast economic performance this year will be the highest, followed by 3.8 percent in Mozambique and 3.5 percent in Zimbabwe. According to the IMF\u2019s projections, South Africa will experience the lowest economic expansion with 1.9 percent, followed by Eswatini with 2.1 percent and Namibia with 2.7 percent.<\/p>\n

For 2021, the IMF still expects Botswana\u2019s growth to be sub-Saharan Africa\u2019s highest at 12.5%, a significant revision from the 9.2 percent forecast in the October WEO.<\/p>\n

Statistics Botswana is due to unveil the 2021 economic growth figures on April 30.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The International Monetary Fund (IMF) now expects the local economy to grow by 4.3 percent this year, down from a projection of 4.7 percent, amidst warnings that global growth will be hampered by Russia\u2019s invasion of Ukraine. The latest projections are contained in the IMF\u2019s World Economic Outlook (WEO) released on Tuesday […]<\/p>\n","protected":false},"author":84,"featured_media":5907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-5908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nIMF shaves Botswana\u2019s economic growth estimate - Botswana<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) now expects the local economy to grow by 4.3 percent this year, down from a pro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF shaves Botswana\u2019s economic growth estimate\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) now expects the local economy to grow by 4.3 percent this year, down from a pro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-25T16:22:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-25T19:25:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/04\/img-6266f58b6eae8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF shaves Botswana\u2019s economic growth estimate\",\"datePublished\":\"2022-04-25T16:22:52+00:00\",\"dateModified\":\"2022-04-25T19:25:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate\"},\"wordCount\":571,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/04\/img-6266f58b6eae8.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/imf-shaves-botswanas-economic-growth-estimate\",\"name\":\"IMF shaves Botswana\u2019s economic growth estimate - 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