World Bank Says Somalia’s Economic Growth Slows to 3% Amid Political Crisis
Economists say the downturn is closely tied to escalating political uncertainty in the Horn of Africa country, where tensions among leading political actors have deepened into a damaging stalemate.
MOGADISHU, May 16 – Somalia’s economy is expanding at only about 3%, a marked slowdown highlighted in a recent World Bank report cited by Al Jazeera and raising alarm among officials and ordinary Somalis alike.
Economists say the downturn is closely tied to escalating political uncertainty in the Horn of Africa country, where tensions among leading political actors have deepened into a damaging stalemate.
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That prolonged impasse has shaken investor confidence and delayed key international development initiatives, according to experts watching the situation closely.
Somalia has been caught in a constitutional crisis since the president’s mandate expired and attempts at consensus in the capital broke down, intensifying concerns that fresh instability could further strain an already fragile economy.
AXADLETM
