(Ecofin Agency) - Somalia’s economy could rise from 2.8% to 3% this year, the IMF estimated in a statement published on May 14, 2019.
“Somalia’s economy continued to recover, supported by vigorous activity in the construction, telecommunications, and financial services sector in 2018,” said Allison Holland, who led an IMF team discussing Somalia’s Article IV programme.
“The outlook remains vulnerable to the still fragile security situation, climate shocks and the still developing institutional capacity, and more is needed to improve economic resilience, increase employment and reduce poverty,” the executive continued.
The country’s economy is being greatly affected by three decades of civil war started after president Siad Barre was deposed. Somalia still suffers residual instability related to the violent activism of Al-Shabaab, a militant group affiliated to Al-Qaeda.