World Bank expects the economy of Somalia to shrink by as much as 2.5 percent in 2020, latest reports indicate.
On October 30, World Bank provided its latest projections on Somalia.
In the latest figures, the global institution predicted that the economy of the East African nation would face negative growth.
Initially, World Bank had predicted a 3.2 percent growth for the Horn of Africa nation.
However, it has now changed the estimates following some of the challenges that Somalia has faced in 2020.
The challenges include floods, locust invasion, and the COVID-19 pandemic.
With a population of around 10 million people, Somalia has thus far reported 3,941 cases of the virulent disease. It has also recorded 104 deaths while the tally of recoveries stands at 3,185.