Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?

Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?

Somalia’s economy grew by 2.3 percent in 2017. The economy remains vulnerable to recurrent shocks. Between 2013 and 2017, real annual GDP growth averaged 2.5 percent. Growth occurred despite adverse weather conditions that severely reduced agricult...

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Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
Published: World Bank, Washington, DC 2018
Subjects:
MOBILE BANKING
ECONOMIC GROWTH
ECONOMIC OUTLOOK
POVERTY RATE
TRADE
INCLUSIVE GROWTH
PRIVATE INVESTMENT
FISCAL TRENDS
REGULATION
DROUGHT
MONETARY POLICY
FINANCIAL SERVICES
FINANCIAL INCLUSION
Online Access:http://documents.worldbank.org/curated/en/975231536256355812/Rapid-Growth-in-Mobile-Money-Stability-or-Vulnerability
http://hdl.handle.net/10986/30417
id okr-10986-30417
recordtype oai_dc
spelling okr-10986-304172021-05-25T09:18:01Z Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability? World Bank Group MOBILE BANKING ECONOMIC GROWTH ECONOMIC OUTLOOK POVERTY RATE TRADE INCLUSIVE GROWTH PRIVATE INVESTMENT FISCAL TRENDS REGULATION DROUGHT MONETARY POLICY FINANCIAL SERVICES FINANCIAL INCLUSION Somalia’s economy grew by 2.3 percent in 2017. The economy remains vulnerable to recurrent shocks. Between 2013 and 2017, real annual GDP growth averaged 2.5 percent. Growth occurred despite adverse weather conditions that severely reduced agricultural output in late 2016 and early 2017. For Somalia to enhance and sustain economic growth and escape chronic poverty, it must increase its resilience to shocks. Growth recovery is set to continue beyond 2018, lifted by gains from ongoing reforms as well as improved security. Rising domestic demand, remittances, and donor inflows and consolidation of peace and security are expected to drive growth in 2019–20. Achieving higher growth will require acceleration of structural reforms, particularly in three areas: fiscal policy and public financial management, provision of basic services (to promote human development and inclusion), and improved resilience to weather shocks particularly in the agriculture sector. Mobile money is an essential part of Somalia’s economic ecosystem. Almost three-quarters of the population aged 16 and above use mobile money on a regular basis. It is now the main transaction instrument used by both individuals and businesses across the country: presenting an opportunity to increase access to finance, spur inclusive growth, and promote resilient communities. However, with increasing dependence on mobile money as a medium of exchange comes increased vulnerabilities. 2018-09-13T14:49:23Z 2018-09-13T14:49:23Z 2018-08 Report http://documents.worldbank.org/curated/en/975231536256355812/Rapid-Growth-in-Mobile-Money-Stability-or-Vulnerability http://hdl.handle.net/10986/30417 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 MOBILE BANKING
ECONOMIC GROWTH
ECONOMIC OUTLOOK
POVERTY RATE
TRADE
INCLUSIVE GROWTH
PRIVATE INVESTMENT
FISCAL TRENDS
REGULATION
DROUGHT
MONETARY POLICY
FINANCIAL SERVICES
FINANCIAL INCLUSION
spellingShingle MOBILE BANKING
ECONOMIC GROWTH
ECONOMIC OUTLOOK
POVERTY RATE
TRADE
INCLUSIVE GROWTH
PRIVATE INVESTMENT
FISCAL TRENDS
REGULATION
DROUGHT
MONETARY POLICY
FINANCIAL SERVICES
FINANCIAL INCLUSION
World Bank Group
Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?
geographic_facet Africa
Somalia
description Somalia’s economy grew by 2.3 percent in 2017. The economy remains vulnerable to recurrent shocks. Between 2013 and 2017, real annual GDP growth averaged 2.5 percent. Growth occurred despite adverse weather conditions that severely reduced agricultural output in late 2016 and early 2017. For Somalia to enhance and sustain economic growth and escape chronic poverty, it must increase its resilience to shocks. Growth recovery is set to continue beyond 2018, lifted by gains from ongoing reforms as well as improved security. Rising domestic demand, remittances, and donor inflows and consolidation of peace and security are expected to drive growth in 2019–20. Achieving higher growth will require acceleration of structural reforms, particularly in three areas: fiscal policy and public financial management, provision of basic services (to promote human development and inclusion), and improved resilience to weather shocks particularly in the agriculture sector. Mobile money is an essential part of Somalia’s economic ecosystem. Almost three-quarters of the population aged 16 and above use mobile money on a regular basis. It is now the main transaction instrument used by both individuals and businesses across the country: presenting an opportunity to increase access to finance, spur inclusive growth, and promote resilient communities. However, with increasing dependence on mobile money as a medium of exchange comes increased vulnerabilities.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?
title_short Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?
title_full Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?
title_fullStr Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?
title_full_unstemmed Somalia Economic Update, August 2018 : Rapid Growth in Mobile Money -- Stability or Vulnerability?
title_sort somalia economic update, august 2018 : rapid growth in mobile money -- stability or vulnerability?
publisher World Bank, Washington, DC
publishDate 2018
url http://documents.worldbank.org/curated/en/975231536256355812/Rapid-Growth-in-Mobile-Money-Stability-or-Vulnerability
http://hdl.handle.net/10986/30417
_version_ 1764471951054602240

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