{
  "title": "Botswana: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Botswana",
  "publication": "IMF Staff Country Reports, August 31, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/08/31/botswana-2023-article-iv-consultation-press-release-staff-report-and-statement-by-the-538736",
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  "summary": "The 2023 Article IV Consultation highlights that following a strong recovery of almost 12 percent growth in 2021, Botswana’s economy grew by 5.8 percent in 2022, significantly above the long-run average of 4 percent.",
  "sections": [
    {
      "heading": "Economic performance and outlook",
      "content": "- Following a strong recovery of almost 12 percent growth in 2021, Botswana’s economy grew by 5.8 percent in 2022, significantly above the long-run average of 4 percent.\n- Growth is expected to slow in 2023 due to a projected decline in diamond production, with the weaker global environment likely to depress other exports.\n- Inflation has fallen since August 2022, returning to the central bank’s objective range."
    },
    {
      "heading": "Fiscal policy stance and plans",
      "content": "- The authorities plan a fiscal expansion in FY2023 followed by two years of substantial fiscal adjustment to reach a small fiscal surplus by FY2025.\n- Implementation risks to the planned fiscal adjustment are elevated."
    },
    {
      "heading": "Structural transformation and policy objectives",
      "content": "- Structural transformation of the economy aims at:\n  - diversifying production,\n  - increasing the relative size of the private sector,\n  - enhancing resilience to external shocks."
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Central bank policy rate\n- Expenditure\n- Financial Sector Assessment Program\n- Financial sector policy and analysis\n- Financial services\n- Fiscal policy\n- Fiscal stance\n- Inflation\n- International organization\n- Monetary policy\n- Prices\n\n- Keywords: Africa, Botswana authorities, Central bank policy rate, Financial Sector Assessment Program, Fiscal stance, Global, government action, Inflation, inflation risk, liability positions vis-à-vis nonresident, PPI coverage, Sub-Saharan Africa, transmission mechanism\n\n---\n\n Content in this bundle\n\n- 1bwaea2023002 — Real Sector Developments\n  - 1bwaea2023002 — Real Sector Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1bwaea2023002 — Real Sector Developments (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 31, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400251474.002",
    "Following a strong recovery of almost 12 percent growth in 2021, Botswana’s economy grew by 5.8 percent in 2022, significantly above the long-run average of 4 percent.",
    "Growth is expected to slow in 2023 due to a projected decline in diamond production, with the weaker global environment likely to depress other exports.",
    "The authorities plan a fiscal expansion in FY2023 followed by two years of substantial fiscal adjustment to reach a small fiscal surplus by FY2025.",
    "Implementation risks to the planned fiscal adjustment are elevated.",
    "Structural transformation of the economy aims at:",
    "Keywords: Africa, Botswana authorities, Central bank policy rate, Financial Sector Assessment Program, Fiscal stance, Global, government action, Inflation, inflation risk, liability positions vis-à-vis nonresident, PPI coverage, Sub-Saharan Africa, transmission mechanism",
    "**1bwaea2023002 — Real Sector Developments**"
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