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Reform progress will buoy Somalia’s economic outlook

Monday, December 12, 2022

Significance

Since then, Somalia has launched important economic reforms in a difficult environment characterised by drought and the side-effects of the war in Ukraine. As a new draft budget shows, a significant increase in donor support is expected in 2023.

Impacts

  • Reform efforts and the successful conclusion of the 2022 elections mean Mogadishu can hope for budget support from donors to double in 2023.
  • Economic policy will be conceived around NDP-9 priorities: inclusive politics, security, economic development and social development.
  • Despite high risks, several new investors have entered the Somali market since Hassan Sheikh took office; this trend will likely continue.

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