The Central Bank of Somalia (CBS) says that the country’s economy is showing real signs of growth.
CBS made this announcement on October 13.
According to the bank, Somalia’s Gross Domestic Product (GDP) is likely to improve by as much as 2.4 percent.
CBS said this while giving an update on the country’s economy since COVID-19 reared its ugly head in March 2020.
When Somalia reported its first COVID-19 case a year ago, the GDP stood at 0.3 percent.
Nevertheless, the country’s apex financial institution stated that the tensions regarding the upcoming elections could have an adverse effect on the economy.
Somalis are also likely to rejoice further after CBS announced single-digit inflation.