Signs of recovery in Somalian economy

Somalia is slowly re-entering the global economy, and could provide a market for South African exporters willing to take the risk. According to the International Monetary Fund (IMF), the Somali economy grew by 3.7% in 2014, driven by agriculture, construction, and telecommunications. Growth for 2015 is projected to be around 2.7%, with inflation at around 4%. Medium-term growth is expected to be around 5%. In a statement issued after an Article IV Consultation with Somalia, the head of the IMF team, Rogerio Zandamela, said “even though the political and security situations remain challenging, Somalia has made tremendous progress since resuming relations with the IMF in 2013”.