The introduction of the program is consistent with the need to adjust to changing economic circumstances. The diamond-rich country is still in a post-2008 global economy that is characterized by slower growth and greater uncertainty, said Khama when delivering the state of the nation address.
Earlier this year, the government downgraded its view on economic growth rate from 4.9 percent to 2.6 percent due to the steeper than originally projected slowdown in mineral revenue.
Statistics shows that mining industry contributed 22.9 percent of the country’s total GDP in 2014. It is estimated that the country’s domestic economy expanded by 4.4 percent in 2014 compared to 9.3 percent in 2013, due to decreased growth in both mining and non-mining sectors.
The growth in the mining sector was 4.5 percent in 2014, down from 23.9 percent in 2013. The non-mining sector also registered a lower growth at 4.4 percent in 2014 as compared to 6.8 percent in 2013.
Infrastructure, agriculture, tourism and manufacturing and services have been identified as key sectors that will drive the program, said the president, adding the program will help ensure the urgent delivery of existing national priorities.
Key areas where there is a backlog of public projects and labour intensive opportunities will also be targeted, he added. Enditem
Source: Xinhua
