’ s presentation will include an overview of structural features of the botswana economy, including the related challenges of slow progress on economic diversification, evidenced by continuing over - reliance on a single commodity for exports, government revenues and growth. notwithstanding the current environment of extreme volatility and uncertainty in global economy and markets, the presentation will also cover economic outlook for 2020 and prospects for recovery in 2021. it suffices for me to indicate that the locomotives of the botswana ’ s economic growth performance, namely, the diamond revenues and catalytical role of the government activities, would be severely constrained by macroeconomic the covid - 19 pandemic amidst shock which, according to a many commentators, is estimated to likely lead the global, regional and domestic economy into a recession of uncertain magnitude and duration ; most likely not experienced since the great depression of the 1930s. the third presentation will be a summary of the theme topic for the 2019 annual report, on “ central bank governance and functions in pursuit of price and financial stability ” by deputy director in the research and financial stability department, mr innocent molalapata. this theme topic is intended to explain the role of central banks in the economic management of any country, evolving institutional structures, mandates and objectives. among others, mr molalapata will highlight the importance and linkages of the triad of central bank operational autonomy, transparency and accountability in facilitating effective discharge of the central bank mandates and maintenance of macroeconomic stability, attainment of inclusive and sustainable economic growth. he will also reinforce the need for central bank adaptability in an environment of fast and disruptive developments in financial technology, aligned to the nation ’ s aspirations for digital transformation and knowledge - based economy. distinguished members of the media, in tying together the various strands out of the presentations to be delivered by my colleagues this morning, some key messages become apparent, clearly suggesting that the current growth model for botswana will, going forward, be difficult to sustain. first, that a key driver of economic and welfare prospects for botswana, namely, the export potential has, over the last few years, faltered and shrunk as a proportion of gdp ; therefore there is an urgent need for rejuvenation by redesigning the country ’ s industrial policies to promote exports and, given the size of the domestic market, to grow the private sector through a better integration into regional and global value chains. second and related thereto is that, despite the large public investment in infrastructure and related social spending by government, as

of all key players in the economy, including government, parastatals and the private sector. the other point to conclude with is that, given that monetary and fiscal policies are expansionary for longer, immediate and effective implementation of transformation initiatives and structural reforms ( so - called policy rotation ) would raise prospects for faster growth and economic diversification, needed to attain high - income status within the vision 2036 period. honourable minsters, distinguished guests, it is worth reminding us all, that, in as much as prices matter, ultimately, total factor productivity, global competitiveness of domestically produced goods and services as well as innovation and environmentally sound policies are critical for greater prosperity and social welfare. furthermore, nothing that i have said today suggest, in any way, that, aggregate demand management is easy, however one is well informed. on the contrary, central banks across the globe are subject to intense and often critical scrutiny, especially at periods such as now of “ low inflation and for long ” with the likely danger of build - up of global financial vulnerabilities. all i have tried to do, today, is to share with you the likely considerations that would guide monetary policy decisions in 2020, putting these in the wider context of challenges facing not just the domestic but also the global economy. the speaker of the national assembly, honourable ministers, honourable members of parliament, distinguished guests, ladies and gentlemen, i thank you for your kind attention.