Lesotho's economic growth remained elevated in Q4 2024 following a strong third quarter, boosted by phase two of the Lesotho Highlands Water Project (LHWP-II). However, the 10% tariff on Lesotho’s exports to the US ‒ previously tariff-free thanks to the African Growth and Opportunity Act (Agoa) ‒ will significantly impact Lesotho's economy due to its heavy reliance on textile exports to the US. As a result, we forecast economic growth to slow to 2.1% in 2025, after which it will sharply decline to 1.3% in 2026.
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