Somalia Economic Update, August 2019 : Building Education to Boost Human Capital

Somalia Economic Update, August 2019 : Building Education to Boost Human Capital

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 rapi...

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Bibliographic Details
Main Author: World Bank
Format: Report
Language:English
Published: World Bank, Washington, DC 2019
Subjects:
ECONOMIC GROWTH
ECONOMIC OUTLOOK
RISKS
MONETARY POLICY
FISCAL TRENDS
POVERTY
REVENUE MOBILIZATION
EXTERNAL DEBT
EDUCATION FINANCE
SCHOOL ENROLLMENT
EDUCATION QUALITY
EDUCATION REFORM
LITERACY
HUMAN CAPABILITY INDEX
Online Access:http://documents.worldbank.org/curated/en/811231567610111001/Somalia-Economic-Update-Fourth-Edition-Building-Education-to-Boost-Human-Capital
http://hdl.handle.net/10986/32347
id okr-10986-32347
recordtype oai_dc
spelling okr-10986-323472021-05-25T09:27:34Z Somalia Economic Update, August 2019 : Building Education to Boost Human Capital World Bank ECONOMIC GROWTH ECONOMIC OUTLOOK RISKS MONETARY POLICY FISCAL TRENDS POVERTY REVENUE MOBILIZATION EXTERNAL DEBT EDUCATION FINANCE SCHOOL ENROLLMENT EDUCATION QUALITY EDUCATION REFORM LITERACY HUMAN CAPABILITY INDEX 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. 2019-09-05T15:22:33Z 2019-09-05T15:22:33Z 2019-08 Report http://documents.worldbank.org/curated/en/811231567610111001/Somalia-Economic-Update-Fourth-Edition-Building-Education-to-Boost-Human-Capital http://hdl.handle.net/10986/32347 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Africa Somalia
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ECONOMIC GROWTH
ECONOMIC OUTLOOK
RISKS
MONETARY POLICY
FISCAL TRENDS
POVERTY
REVENUE MOBILIZATION
EXTERNAL DEBT
EDUCATION FINANCE
SCHOOL ENROLLMENT
EDUCATION QUALITY
EDUCATION REFORM
LITERACY
HUMAN CAPABILITY INDEX
spellingShingle ECONOMIC GROWTH
ECONOMIC OUTLOOK
RISKS
MONETARY POLICY
FISCAL TRENDS
POVERTY
REVENUE MOBILIZATION
EXTERNAL DEBT
EDUCATION FINANCE
SCHOOL ENROLLMENT
EDUCATION QUALITY
EDUCATION REFORM
LITERACY
HUMAN CAPABILITY INDEX
World Bank
Somalia Economic Update, August 2019 : Building Education to Boost Human Capital
geographic_facet Africa
Somalia
description 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.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Somalia Economic Update, August 2019 : Building Education to Boost Human Capital
title_short Somalia Economic Update, August 2019 : Building Education to Boost Human Capital
title_full Somalia Economic Update, August 2019 : Building Education to Boost Human Capital
title_fullStr Somalia Economic Update, August 2019 : Building Education to Boost Human Capital
title_full_unstemmed Somalia Economic Update, August 2019 : Building Education to Boost Human Capital
title_sort somalia economic update, august 2019 : building education to boost human capital
publisher World Bank, Washington, DC
publishDate 2019
url http://documents.worldbank.org/curated/en/811231567610111001/Somalia-Economic-Update-Fourth-Edition-Building-Education-to-Boost-Human-Capital
http://hdl.handle.net/10986/32347
_version_ 1764476347038564352

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