In an S&P Global Ratings report dated 14 March 2025, Botswana's economic outlook was revised from stable to negative, reflecting ongoing external and fiscal pressures. Nevertheless, the country's ratings remain affirmed at 'BBB+/A-2' for long-term and short-term sovereign credit

This negative outlook reflects the view that weak global diamond demand and falling prices should keep Botswana's exports and fiscal flows at a moderate level, which would complicate the government's fiscal consolidation program. This negative outlook also reflects the possibility of a further deterioration of Botswana's external and public balance sheets

“We could lower our ratings if Botswana's fiscal and external performance were significantly below our expectations. This could happen, for example, if diamond demand and GDP growth did not recover from their current lows, which would further weaken Botswana's fiscal and external reserves,” the rating agency said

Après une croissance réelle du PIB de 3,2% en 2023, S&P Global Ratings estim e that Botswana's economy contracted by 3.3% in 2024, mainly due to a significant drop in demand and diamond prices. A contraction of 3.3% in the first three quarters of 2024 (latest real data) was caused by a sharp 23.4% drop in diamond trade and mining activities in a context of weak Chinese demand and growing competition from synthetic diamonds. This is despite the continued growth of Botswana's non-diamond sector, which grew by around 3.7% in the first three quarters of the