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
Be the first to comment
Up Next
Autoplay
-
00:51
IMF Warns Forcast Growth Could Shrink Due To Slow Progress
-
02:02
IMF Projects Slow Credit Growth In 2017 Due To Pre-election Jitters In Kenya
-
04:58
Zimbabwe facing a severe drought
-
02:51
Zimbabwe's Growth To Slow In 2016 As Effects Of A Drought Bite
-
01:44
Communal farmers affected by severe drought in Limpopo
-
02:11
Nigeria's palm oil industry shows signs of slow growth
-
01:43
Somalia faces third and most severe drought in a decade
-
00:48
Severe Drought Affecting Hundreds And Thousands In Somalia
-
00:45
Kenya's Finance Minister Predicts Growth Will Reach 6.1% In 2016
-
03:35
Ghana's New Administration Expects Growth To Soar Above 8% In 2017
-
59:15
The Chinese are Coming
-
00:50
Olympics: Uganda strikes 10,000m gold as Morocco, Egypt advance in football
-
02:13
BREAKING: President of Mali held in 'coup' by soldiers
-
01:11
Malawi's former VP files complaint against president
-
07:40
Breaking Sex-Ed taboos in South Sudan
