July 14, 2020 / 9:35 AM / a month ago

Botswana expects smaller economic contraction in 2020 than previous forecast

A car drives past a construction site of the Central Business District (CBD) in the capital Gaborone, Botswana, September 21, 2018. REUTERS/Siphiwe Sibeko

GABORONE (Reuters) - Botswana expects its economy to shrink by 8.9% in 2020, less severe than its previous forecast for a 13.3% contraction, boosted by better than expected mining output and a shorter lockdown, the central bank said on Tuesday.

“The ministry of finance now sees a lower economic contraction in 2020. The first number was based on an assumption of a longer lockdown and larger contraction in mining activities,” said Tshokologo Kganetsano, director of research and financial stability at the central bank.

Reporting by Brian Benza; Writing by Tanisha Heiberg; Editing by Alex Richardson

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