Vector World Maps Given its advantageous position, abundant natural resources, and strong private sector, Somalia has the potential to become an economic powerhouse for Africa. Despite decades of conflict and unrest, Somalia has managed to sustain a thriving informal economy that contributes the majority of its GDP (GDP). The World Bank predicted that Somalia's GDP will reach $4.918 billion in 2020, growing at a 2.9% annual pace. Agriculture, particularly cattle, which accounts for around 60% of the GDP and 80% of exports, is one of the key drivers of the economy. In addition, Somalia has unrealized potential in the fields of fishing, mining, oil, and gas, as well as clean energy sources like solar and wind. Yet, Somalia confronts numerous obstacles that prevent it from developing economically and fighting poverty. They include recurring droughts and floods, unrest and violence, shoddy institutions and governance, a lack of essential services and infrastructure, high unemployment a...
TheSomaliDiary is a BlogSpot where events and news about Somalia is shared. The blog is created as a source of accurate, fair and independent context analysis of Somalia