Somalia’s economy has performed above the dismal levels projected by international experts in the face of the COVID-19 pandemic.
According to World Bank, the economy was expected to perform much worse because of the triple threat of COVID-19, locust invasion, and floods.
However, the Fifth Somalia Economic Update held on Wednesday, October 28, showed that it had not performed as dismally as initially projected.
Furthermore, there is hope that the economy of the East African nation would remain resilient despite these triple threats.
In June 2020, the World Bank had projected that the economy would collapse by 2.5 percent.
Similarly, domestic revenues could also drop by as much as 1.4 percent of Somalia’s Gross Domestic Product (GDP), which represents about $67 million.
Compared to 2019, Somalia is expected to see its expenditures drop by 2.4 percent of the GDP.