After period of insecurity and conflict, Somalia economy is recovering slowly and gradually with steady growth despite the existing challenges and vulnerabilities. According to the World Bank, the Somali economy is developing toward urban, trade and services.
However, SOSDO acknowledges the existence of structural factors that still limits the full potential and large-scale economic development in Somalia. This may include – but not limited to- unemployment, inflation, shocks, overdependency of imports, single or limited export and import markets, overdependency on few commodities (livestock and certain cash crops) as well as overdependency on remittances. These all increases the vulnerability of the economy to all different types of the recurrent internal and external shocks and crises.
We still also acknowledge the potential and opportunities in the current ongoing regional economic integration for Somalia for better employment opportunities and significant economic and trade development.
SOSDO in this aspect analysis and assesses the entire economic and trade system to recommend the appropriate policies and interventions to be adopted. SOSDO also focuses on the possible approaches to empower the Small and Medium Enterprises (SMEs) as well as the emerging processing and industries particularly those related to the agricultural activities.
We emphasize also on other potential pillars such as transportation, energy, ICT, financial reform, construction, and employment which are crucial and backbone for the economic development and prosperity of the country.