Image credit: De Beers (Facebook)
"Recent months have seen a robust recovery in the international diamond industry, which will hopefully underpin strong growth in Botswana next year and help to boost exports and fiscal revenues," Finance Minister Thapelo Matsheka was quoted as saying by Reuters during a World Bank online meeting.
Botswana's economy reportedly contracted by 24% in the second quarter of 2020 as COVID-19 lockdown hampered diamond sales and domestic economic activity.
Mining accounts for just under 20% of Botswana's total gross domestic product.
Global firm De Beers, which gets about 70% of its supply from Botswana, recently reported a 57% jump in sales to $467 million at its September sight.
De Beers said it had received higher retail orders ahead of the holiday season.
"Based on these developments, we are forecasting a GDP growth rate of 7.7% in 2021," Matsheka said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
