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According to the Central Bank of Somalia, sometime in the 2000s the country's GDP per capita according to the World Bank was $230, a slight reduction in real terms from 1990. [10] The 2012 Human Development Report estimates per capita GDP to be $284, compared with an average across sub-Saharan Africa of $1,300 per capita. [22]
The World Bank estimates that remittances worth approximately US$1 billion reach Somalia annually from émigrés working in the Gulf states, Europe and the United States. Analysts say that Dahabshiil may handle around two-thirds of that figure and as much as half of it reaches Somaliland alone. [15]
The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF's definitive data for the past year and estimates for the current year are published twice a year in ...
Agriculture in Somalia (Somali: Beeraha Soomaaliya) is the largest economic sector in Somalia and the country's major source of employment. It contributes more than 65% to the national GDP from domestic distribution and exports to other parts of the continent, the Middle East and Europe .
The Central Bank of Somalia (CBS) (Somali: Bankiga Dhexe ee Soomaaliya, Arabic: البنك المركزي الصومالي) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991.
The Minister of Finance is the minister in charge of government revenue and expenditure. The minister oversees economic policy: fiscal policy is within the minister's direct responsibility, while monetary policy is implemented by the politically independent Central Bank of Somalia, the head of which is appointed by the President of Somalia. The ...
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances. The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture.
The drought has had a devastating impact on Somalia's agriculture sector, which constitutes up to 26% of the country's GDP, employs 90% of the informal workforce, and contributes 90% of its exports. Since mid-2021, one-third of the livestock in the most severely affected regions have died.