The International Monetary Fund (IMF) has announced that Somalia’s economy is expected to grow by 2.5% and 3% in 2018 and 2019 respectively. The expected upward trend is said to be brought about by the fact that intricate measures are being put up to curb famine and drought that stalled the growth in 2017. Also, the inflation rate for the same period is expected to fall to the range of 2.0-2.5%.
The IMF further said that steady gains had been observed in the service sector as opposed to the previous years which is despite the constant terror attacks that aim at paralyzing the industry and country as a whole.
The economic recovery journey for Somalia is expected to extend further in the future seeing as the country with the help of international allies is working to eradicate security threats posed by the al Qaeda affiliate, Al Shabaab that has been operating in the country for over a decade.