IMF Predicts Growth Will Slow In 2017 Due To Severe Drought

Published
Somalia's newly elected President Farmajo is facing several challenges as he takes office -- not least of which is the economy. Economic growth is expected to slow this year as a drought knocks farming production. However the International Monetary Fund has predicted the impact will be partially offset by a boost from construction and telecommunications. The fund says Somalia's GDP will grow just 2.5 percent this year -- down from an estimated 3.4 percent in 2016. The economy is expected to continue to rely on donors' grants, remittances, and foreign direct investment. Somalia has been in turmoil since 1991, hit by decades of conflict at the hands of militia groups.
Category
Somalia