Somalia's Economic Growth Moderates Amidst Challenges
International News
July 18, 2023
Somalia's economy experienced a moderate growth rate of 2.4 percent in the previous year, compared to 3.3 percent in 2021. The slowdown can be attributed to a severe drought and the adverse impact of the COVID-19 pandemic. The country's statistics agency indicates that economic growth moderated in 2022, with projections forecasting a GDP growth of 3.6 percent for the current year and 3.7 percent in 2024.