The generate critical revenue to support public service delivery

The
economy has a critical role to play in Somalia’s state building and
peacebuilding processes plus generating an inclusive economic that has the capacity
to establish a system which is based on employment generation to help build
trust in government and encourages social cohesion. A

Growing
inclusive economy can generate critical revenue to support public service
delivery and build the legitimacy of public institutions. An improved economy,
with a vibrant private sector, can also increase opportunities for peace and
reduce conflict. This is achieved through broad-based and inclusive economic engagement
of the population, including the diaspora, in productive activities, and the
sectors of the society.

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Somalia
experienced an average growth rate of 3.5 to 4.5% since 2012 and the available
information suggests that real GDP will continue to grow at a similar pace but
steady in the medium term, with the trade and services sector expected to
contribute over one-half of the estimated growth.

Inflation,
due to the stable food prices, has been ranging at less than 3 percent, but it
is projected to decline to 1% percent during 2018 and increase to 2.5% in 2019.

Real GDP
growth in 2016 was 3.7 percent. While its projected to increase, inclusive
economic growth is seen in agriculture, livestock and fisheries which are productive
sectors in Somalia and constitute the most important source of food and income,
with particular emphasis on livestock and livestock products. It is likely that
over the next two decades, most of the population will continue to depend on
these natural resources for their livelihood. Sustainable natural resource
management is onother key factor which is necessary in order to unlock the
medium- to long-term economic potential in this sector. The Government will
also promote the petroleum potential through geological and geophysical studies
and data gathering, collation, analysis and marketing of oil exploration data
in the country, design of effective licensing mechanisms, and assessment of the
future environmental and social impact of petroleum operations.

We aim
to support the Revitalization and expansion of the Somali economy with a focus
on livelihood enhancement, employment generation, and broad-based inclusive
growth is of critical importance to the growth of an inclusive economic and to deliver
quick early recovery projects, and to provide prioritized support to the
productive sectors, specifically agriculture (farming, livestock and
fisheries).  Also, the government took
the necessary Actions to support rapid

infrastructure
rehabilitation and early recovery projects will create direct and indirect jobs
and free up the movement of goods and services.

This
priority also focuses on developing appropriate, consensus-based, and
transparent regulatory frameworks in key sectors, including the financial sector,
so that the state can support an enabling economic and environment for the
private sector.

 

The
government of Somalia aims to ensure that Somalia’s natural resources are
properly managed and that the first steps are taken towards establishing
consultative processes for dialogue on natural resource revenue-sharing, this
priority and related actions recognize that the country’s natural resource is
currently the backbone of an inclusive economy which helps to set up legal and regulatory
frameworks to ensure sustainable environmental and natural resource management.

 

The government of Somalia is aspired strengthen the economic foundations at the local level because understanding
the local dynamics of the job market allows us to support local economic growth
through demand driven investments in skills and capital to microenterprises.

Programs like The Growth, Enterprise, Employment and Livelihoods
(GEEL) promotes inclusive economic growth throughout Somalia. GEEL is
introduced by USAID which will be able to accelerate and thrive Somalia’s
growing economic and integration into the global financial systems through a mixture
of initiatives and workshops that improves the country’s competitive new
investments and increases the market connection and business partnerships. This
program will boost Somalia’s exports of quality agriculture, fish, and
non-pastoral livestock products.