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Somalia to Grow 2.5%

Somalia to Grow 2.5%Somalia to Grow 2.5%

Somalia’s economic growth is expected to pick up next year and in 2019 after drought and security issues cut growth this year, the International Monetary Fund said. The fund said the economy was forecast to expand by 2.5% in 2018 and 3% in 2019, while inflation was seen falling to the range of 2.0 to 2.5% in the same period, AllAfrica reported. IMF projects Somalia’s economy to grow 1.8% this year—lower than its February forecast of 2.5%—compared with 2.4% in 2016. “In 2017, the drought and sporadic terrorist attacks took a toll on economic activity. The drought has hurt the economy and temporarily impacted the federal government of Somalia’s tax collection efforts,” IMF said in a statement. “These developments offset a steady recovery in the service sector, including in the telecommunication and transportation sectors.” Somalia has been in turmoil since 1991, hit by decades of conflict at the hands of clan militias.

 

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