An Established Knowledge-Based Economy: The Key Strategy to Facilitating Economic Recovery and Growth Post Covid-19 in Botswana

Abstract

The extent and duration of the covid-19 pandemic’s impacts on the economic and social structures of a country are dependent on various factors such as, the economic and social conditions during the pre-crisis period, the severity of the crisis, and countries’ financial and technical capacities to implement necessary recovery policies. The severity of the covid-19’s economic impacts in Botswana is highlighted by mass erosion of demand and supply capacities across core industrial sectors in the country. In the effort to mitigate the pandemic-induced economic fallout, Botswana has put in place various economic recovery and transformation measures largely focused on promoting diversification, transformation to a knowledge based economy and private sector investment. The recommendations made in this study for enhancing such recovery efforts have been developed firmly based on the guiding principle of “building back better”. An analysis of the effects of covid-19 on economic development and elements of an inclusive recovery and resilience are critically examined. The research approach is exploratory utilizing qualitative data collection methods. The results of this study emphasize the importance of public infrastructure investments, high technological use, rapid and intense innovations, high reliance on knowledge as some of the factors that should centre the Botswana government’s efforts to stimulate demand, create employment, and kick-start economic recovery post-crisis.