Somalia’s economy will grow by as much as 3.7 percent in 2024.
Bihi Egeh, the federal Minister of Finance, confirmed this on Wednesday.
In addition to the positive economic growth, Egeh added that the nation has increased its domestic revenue this year.
He added that the latest developments are the result of several measures that the government, through the finance ministry, has implemented.
Some of these include improved financial policy and public finance management (PFM).
Others include enhanced capacity in extraction of revenues as well as introduction of automation and digitization of revenues.
Consequently, month-on-month revenues have increased by as much as 25 percent.
Last year, Somalia witnessed 2.8 percent economic growth. This year, that has improved to 3.7 percent, as per the figures by Egeh.
