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Somalia’s economy to contract 2.5% this year, World Bank says

Somalia’s economy to contract 2.5% this year, World Bank says

DUNCAN MIRIRI SOMALIA’S economy is expected to shrink by 2.5% this year, the World Bank said on Wednesday, revising its initial forecast of 3.2% growth due to the impact of the coronavirus crisis. Apart from the pandemic, the Horn-of-Africa economy has also been hit by severe flooding this year and a widespread infestation of desert locusts, which is in its second wave. "The pandemic is projected to push the economy into contraction, increase fiscal pressures, and deepen poverty in 2020," the World Bank said in its latest review of the economy. Somalia secured the ability to receive debt forgiveness from…
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