FTL Somalia

Somalia’s Economy Grow by 2.9 Percent in 2021

Somalia’s economy grew by 2.9 percent in 2021.

According to the World Bank, the East African nation enjoyed much better economic growth compared to the previous year.

In 2020, the country suffered an economic contraction of 0.3 percent.

Prior to this year, the expectation had been that Somalia would grow by 2.4 percent.

In this regard, Somalia has performed much better. This took place despite the numerous challenges that the country faced in the last few years.

Some of the challenges included delayed elections, increased insecurity, bottlenecks with the supply chain, and the ongoing drought.