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Botswana's economy and the question of diversification

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  • Schilirò, Daniele

Abstract

Botswana is an upper-middle-income country with a significant diamond wealth, being the first world producer of diamonds in terms of value and the second largest, after Russia, in terms of volume. Although Botswana's economy has performed quite well in recent years, apart from the negative year of the COVID-19 crisis, the country still suffers from high inequalities, high levels of poverty, insufficient infrastructure, and a poorly diversified economy too focused on diamonds. This paper examines the economy of Botswana, its features, economic structure, and evolution, stressing the need for diversification. The paper first suggests the need for the government to actively foster private sector development of the economy and the provision of a business-friendly regulatory environment, as well as an innovation policy that encourages the adoption of digital technologies and the establishment of Industry 4.0, finally, last but not least, skill enhancement. Therefore, innovation, institutions, and education are the key factors for diversification and sustainable development.

Suggested Citation

  • Schilirò, Daniele, 2022. "Botswana's economy and the question of diversification," MPRA Paper 115608, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:115608
    as

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    References listed on IDEAS

    as
    1. Schilirò, Daniele, 2013. "Diversification and development of the UAE’s economy," MPRA Paper 84584, University Library of Munich, Germany, revised Jun 2013.
    2. Schilirò, Daniele, 2020. "Towards digital globalization and the covid-19 challenge," MPRA Paper 100504, University Library of Munich, Germany, revised May 2020.
    3. Daniele SCHILIR, 2012. "Structural Change And Models Of Structural Analysis Theories Principles And Methods," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 3(2), pages 31-49.
    4. Daniele Schilirò, 2021. "Fintech in Dubai: Development and Ecosystem," International Business Research, Canadian Center of Science and Education, vol. 14(11), pages 1-61, November.
    5. Hela Miniaoui & Daniele Schiliro, 2017. "Innovation and Entrepreneurship for the Diversification and Growth of the Gulf Cooperation Council Economies," Business and Management Studies, Redfame publishing, vol. 3(3), pages 69-81, September.
    6. Daron Acemoglu & James Robinson, 2010. "The Role of Institutions in Growth and Development," Review of Economics and Institutions, Università di Perugia, vol. 1(2).
    7. World Bank, 2007. "Building Knowledge Economies : Advanced Strategies for Development," World Bank Publications - Books, The World Bank Group, number 6853.
    8. repec:srs:journl:jarle:v:3:y:2012:i:2:p:31-49 is not listed on IDEAS
    9. Heiko Hesse, 2008. "Export Diversification and Economic Growth," World Bank Publications - Books, The World Bank Group, number 28040.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    diversification; Botswana; innovation; knowledge economy; institutions;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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