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Somalia Economic Update : Building Education to Boost Human Capital (English)

The economy is recovering slowly from drought, but Somalia continues to face significant challenges.The Somali economy rebounded in 2018 from the 2016/17 drought.Public finances continued to strengthen in 2018.Credit to the private sector grew rapidly in 2018, and Somalia’s financial sector supervisory capacity continued to strengthen.The current account deficit declined slightly.The medium-term outlook is for a moderate increase in GDP growth.This outlook is subject to significant risks and depends on continued policy reforms. Key risks to medium-term growth prospects include security concerns, weather and climatic shocks, and political uncertainty. The authorities have been developing a track record of reform in areas of revenue mobilization, expenditure control, and financial sector regulation. Important challenges remain, however.A slowdown in the reform momentum would not only undermine medium-term economic growth, but also could delay the normalization of Somalia’s relations with international financial institutions and access to critical external resources needed for development.Finally, Somalia needs to accelerate economic growth and reorient government spending towards public investment, particularly investment to boost human capital.

Details

  • Author

    Randa,John, Waheed,Huma Ali

  • Document Date

    2019/08/01

  • Document Type

    Working Paper

  • Report Number

    AUS0000852

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Somalia,

  • Region

    Africa,

  • Disclosure Date

    2019/09/04

  • Disclosure Status

    Disclosed

  • Doc Name

    Somalia Economic Update : Building Education to Boost Human Capital

  • Keywords

    real gdp; Federal Government of Somalia; human capital; drought; egra early grade reading assessment; national education development; Poverty and Vulnerability Assessment; domestic revenue; Highly Indebted Poor Countries; change in tax policy; corporate tax base; taxes on goods; annual crop production; Access to Education; money transfer service; domestic revenue mobilization; food price inflation; external grant; current account balance; international oil price; foreign direct investment; tax on income; types of education; financial sector indicator; system education; financial sector reform; national human capital; gross enrolment ratio; children in poverty; financial sector regulation; private sector actors; use of technology; student assessment system; provision of access; decline in inflation; current account deficit; combat money laundering; import of goods; per capita income; central government revenue; revenue from taxes; dimensions of poverty; household survey data; cost of electricity; private credit growth; export of goods; gross enrollment rate; members of parliament; distribution of school; examination pass rate; public investment spending; public finance; live animal; trade tax; Fiscal policies; fiscal policy; cereal price; business environment; central regions; medium-term outlook; poverty gap; poverty incidence; livestock population; point estimate; recent years; rural area; inflationary pressure; riverine areas; federal republic; living standard; rural resident; retail trade; agricultural production; private investment; Public Spending; household consumption; government spending; livestock sector; livestock export; subnational jurisdiction; budget support; administrative measure; conceptual framework; donor grant; taxpayer office; climatic shocks; offshore account; somali shilling; secondary enrollment; Tax Reform; exchange rate; Exchange Rates; cash reserve; employee compensation; donor assistance; approved budget; nonmonetary poverty; financing need; quality education; security spending; state education; management entities; donor funding; fiscal balance; system improvement; International Trade; high precipitation; external resource; draft bill; national economy; tax revenue; financial asset; Civil War; security forces; Armed Forces; teaching quality; urban resident; modest increase; capital expenditure; multilateral donor; education access; national account; Education Financing; school system; student enrollment; Wage Bill; access gap; educational opportunity; security challenge; administration service; secondary student; repayment source; urban dweller; import restriction; high probability; domestic price; bilateral commitment; sales tax; high poverty; tenure insecurity; social network; animal population; positive outcome; population group; price decline; improved water; high frequency; bilateral aid; support grant; import good; average poverty; trade partner; confidence interval; inflation rate; high share; tax rate; fiscal relation; income source; federal law; donor inflows; cereal production; tax instrument; food availability; taxation system; high spending; estimation method; crop prospect; fiscal data; fiscal operation; national herd; competitive economy; Livestock Production; public expenditure; disbursement ratio; multilateral commitments; white maize; positive impact; maize price; poor household; public dialogue; domestic sources; Tax Administration; additional revenue; healthy growth; assessment result; personnel spending; survival rate; financial inclusion; macroeconomic instability; competitive environment; investment climate; sectoral regulation; inflation average; noncommercial purposes; budget deficit; subsidiary right; annual harvest; somali language; program leader; fundamental education; financial intermediation; qualified teacher; significant challenge; policy option; technological advancement; security concern; economic exclusion; political uncertainty; health indicator; economic recover

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Citation

Randa,John Waheed,Huma Ali

Somalia Economic Update : Building Education to Boost Human Capital (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/811231567610111001/Somalia-Economic-Update-Building-Education-to-Boost-Human-Capital