Somalia can expect to receive nearly 1.8 billion euros ($2.4 billion) in aid from international donors over the next three years, reported Reuters on Monday, after an EU-led donation drive pledged to back the African nation’s reconstruction efforts following decades of civil war.
The United Nations on Tuesday launched a three-year strategy to address ongoing humanitarian needs in Somalia, with nearly 3.8 million Somalis still in desperate need of aid after decades of drought, floods and conflict.
Somalia is a lower income economies comes under the Sub Saharan African region, as to the classification made by the world bank on the basis of income and region for the year 2006.
The country’s economy is more market oriented. Agriculture is the major type of economic activity in the country. Agriculture constitutes more than 60% of the Gross Domestic Product followed by the services.
Somalia has faced civil unrest but in spite of this, it has maintained a somewhat stable economy. Because of telecommunications, livestock, and remittance of money and money transfer companies, the economy has not suffered as much as it could have otherwise. However, experts are having a tough time determining economic growth because of formal government statistics, as well as the most recent civil war.
