Sun 15 September 2019:
The World Bank has applauded Somalia’s economic resurgence, but said that high levels of illiteracy pose a threat to long-term growth.
Despite being ravaged by years of instability and recurring terrorist attacks, Somalia’s economy — currently worth $7.5 billion — doubled its growth to 2.8 per cent in 2018, from 1.4 per cent in 2017.
The country is projected to grow its GDP this year by 2.9 per cent, and up to 3.5 per cent over the medium-term if the current reform momentum continues.
The resurgence comes after years of unsustainable fiscal policies, macroeconomic instability, conflict and state dissolution.
In a report released this past week titled Somalia Economic Update, the World Bank says the country must improve education to enhance productivity, sustain economic recovery, boost inclusive growth and reduce poverty.
Currently, Somalia is grappling with the worst human capital situation with only half of the population being literate, and the government allocating just one per cent of the total budget to education.
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