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  • 15-05-19

    3 percent economic growth to be achieved in Somalia

    (MENAFN) Somalia is forecast to hit 3 percent in its economic growth for this year, a boost from the 2.8 percent growth recorded last year, revealed the International Monetary Fund (IMF).

    Driven by strong performance in construction, telecommunications, and financial services, the Somali economy is achieving a rebound, assured Allison Holland of the IMF.

    In a statement released in Mogadishu, Holland affirmed: "economic growth is estimated at 2.8 percent, and end-year inflation is estimated at 3.2 percent for 2018."

    Holland added: "growth is projected to strengthen to 3.0 percent and inflation to ease further to 3.0 percent, in 2019."

    The IMF however raised concerns over vulnerability in the prospect of the security condition in Somalia along with climate shocks and institutional capacity.

    "Nevertheless, Somalia remains heavily dependent on grants and more efforts will be needed to create space for critical social and development spending, and put Somalia clearly on the path to fiscal self-sufficiency," Holland added.

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