World Bank revises Somalia’s economic growth forecast to 2.8pc
Somali President Sheikh Mohamud (L) and other delegates at the 23rd Summit of EAC Heads of State in Arusha, Tanzania where Somalia was officially admitted as the bloc’s eighth member. PHOTO | POOL
The World Bank has revised downwards the economic growth forecast for Somalia in 2023 to 2.8 percent, from an earlier prediction of 3.6 percent.
The Bank says in its latest (eighth) edition of Somalia Economic Update that the country is still vulnerable to shocks from over-reliance on external trade and financing, limited economic diversification, and susceptibility to natural disasters.
