2. Brief background on Botswana's economic system
Botswana is one of the African economic tigers. With remarkable
macroeconomic stability characterised by a well-managed budgetary
system, the country has been able to achieve and maintain high economic
growth rates over many decades and it is one of the most stable
countries in Africa. Since its inception in 1966, Botswana moved from
being a low income to a middle income class country with its GDP per
capita estimated to be US$16,800 in 2012 as compared to about US
$236 in 1967. Through careful management of its mineral resources,
especially diamond mining and beef exports, the country has seen
its revenues accumulating from the independence era to date; thus
transforming itself from one of the poorest and invisible colonial states
to having a shining international stature in the African continent. Being
a member of the African continent that has been characterised by economicmismanagement,
complex economic stability and political instability
and continuous ethnic conflict and tension, Botswanamanaged to
achieve political stability and sustained economic development. The
country has had four peaceful presidential successions within its
47 years of independence from British rule. For the past two and a
half decades the country's growth has been one of the fastest in the
world.More or less, during 1960–1990 Botswana was the fastest growing
country in the world, with an average annual increase in GDP of 13.9%
from 1965–1980 and 11.3% from 1980–1990 (Good, 1992). Overall, the
2. Brief background on Botswana's economic systemBotswana is one of the African economic tigers. With remarkablemacroeconomic stability characterised by a well-managed budgetarysystem, the country has been able to achieve and maintain high economicgrowth rates over many decades and it is one of the most stablecountries in Africa. Since its inception in 1966, Botswana moved frombeing a low income to a middle income class country with its GDP percapita estimated to be US$16,800 in 2012 as compared to about US$236 in 1967. Through careful management of its mineral resources,especially diamond mining and beef exports, the country has seenits revenues accumulating from the independence era to date; thustransforming itself from one of the poorest and invisible colonial statesto having a shining international stature in the African continent. Beinga member of the African continent that has been characterised by economicmismanagement,complex economic stability and political instabilityand continuous ethnic conflict and tension, Botswanamanaged toachieve political stability and sustained economic development. Thecountry has had four peaceful presidential successions within its47 years of independence from British rule. For the past two and ahalf decades the country's growth has been one of the fastest in theworld.More or less, during 1960–1990 Botswana was the fastest growingcountry in the world, with an average annual increase in GDP of 13.9%from 1965–1980 and 11.3% from 1980–1990 (Good, 1992). Overall, the
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