40 poorest countries in the world according to IMF 2023

[Khaem]

Somalia is the sixth poorest country by gdp per capita $562 we are not number one Allhamdu lilah
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@Nilotic we coming to take your place just watch $8 dollars ain’t nothing

Feeling rich today

 

[AbrahamFreedom]

i think it's higher than that. around 30-40 % . Remember majority of people in somalia are youth and 80% of them don't work and if they work they get very low salaries.

79% = remittances and foreign aid.

 

[Nilotic]

Africa is in a never ending rut; all we have is corruption, wars, coups and famines; and we really need to have a good, hard look at ourselves

 

[Avalanche]

 

[Thegoodshepherd]

i think it was @Thegoodshepherd who talked about this or said this before that the older generations dying in the diaspora means extremely less remittances from western countries.

Remittances were 30% of Somalia's GDP in 2022, and foreign aid also accounted for 30%. 60% of Somalia's GDP is the charity sector. Somalia's projected 2023 GDP per capita is $544, 40% of that is $217. That is what the Somali economy actually generates per person without aid or remittances.

 

[Nin123]

Remittances were 30% of Somalia's GDP in 2022, and foreign aid also accounted for 30%. 60% of Somalia's GDP is the charity sector. Somalia's projected 2023 GDP per capita is $544, 40% of that is $217. That is what the Somali economy actually generates per person without aid or remittances.


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Basically We need to tap the oil to develop

 

[Burqad]

Somali government lies about GDP in order to get more aid.

You need to do what they did in the USSR and China and use banking information and other raw data.

All mobile money transactions, around 137 million, in Kenya come to $ 3.17 billion a month . In Somalia transactions of about 155 million were worth about $ 2.7 billion a month.

So somalias economy is 1/3 that of Kenya, making it 20 or 30 billion dollars, divided by 30 million is around 1000-900 dollars.

 

[Yaraye]

Damn…… I thought the country was getting better

 

[TheLastWaryaa]

Somalia's economy is very informal, so theirs probably more money.

 

[Guillotine]

i've seen different sets of lists that has Somalia as poorest country.....

 

[dekiteshim]

GDP per capita is such a shit measurement of development. Use HDI instead

 

[Hamzarashid]

Feeling rich today

Save somalia make greater jabooty a thing

 

[TheLastWaryaa]

There's fewer Somalis immigrating to Canada these days and I'm noticing of those that are, they are from Nairobi/NFD/K5 (Group of 5 sponsorship), not Somalia. I would assume they would not be sending as much remittances back as Somalia Somalis were. These xawalas will have to start diversifiying their business if they haven't already.

Theirs too much money in Somalia, especially in Xamar, the only issue is instability. Companies are too scared to invest in Somalia because of Al Shabab and the lack of regulation.

I was talking to a guy in Nairobi, and he moved to Mogadishu to drive tuktuk because he would get higher pay than working in Nairobi. Its a highly informal economy but theirs a lot of money.

 

[Burqad]

Theirs too much money in Somalia, especially in Xamar, the only issue is instability. Companies are too scared to invest in Somalia because of Al Shabab and the lack of regulation.

I was talking to a guy in Nairobi, and he moved to Mogadishu to drive tuktuk because he would get higher pay than working in Nairobi. Its a highly informal economy but theirs a lot of money.

That’s true. Besides remittances Average camel herder spends very little money and makes a huge amount all at once and has nowhere to put it.

They sell 100 camels for 2k each and buy all the sugar,tea and cloth they need for 2k.

What can they do with the 98k but buy land? We need to create investments for them so they can put that money to work.

 

[Suhayb Aden]

Likely correct. Half of the population is 15 or younger and they have no future to look forward to. Somalia will unfortunately always be a basket case. Only a small part of the diaspora is doing well and almost none of them will go back to rebuild. The millennials born in the west and have visited Somalia before have not and I don't expect Gen Z, who are even further removed from Somalia, will either. The window of opportunity for improvement was 2000-2020. It's too late. Another issue is that Somalis don't plan for the long-term either and only think about the immediate. They want to benefit now, not later, which is why corruption is so rampant. Somalia will always be poor and hopeless.

exactly and considering most of them are lazy bastards relying on money from western living relatives and not to mention us westerners are at fault for not going back much and building some stuff

 

[mohammdov]

It is sad that we will probably die while Somalia is still suffering

 

[ZBR]

Madagascar really needs to be brought into the Somali trade corridor

Madagascar sells most of its agricultural production at a loss to east Asia and India due to how competitive that market is but are force to due to the large demand, but selling to us would be more profitable since our and East African fruits and sugar is so expensive and labor intensive

Also konfuur can gain knowledge transfer due to how advanced Madagascar agricultural industry compared to ours

Comoros could even be a middle ground as it’s Muslim and nearer

 

[AbrahamFreedom]

exactly and considering most of them are lazy bastards relying on money from western living relatives and not to mention us westerners are at fault for not going back much and building some stuff

The typical local in Somalia is probably the laziest and most unproductive person on the planet. They are too prideful to wash their own plate. It's a bad business decision investing anything there even if there was no threat of terrorism or a clan battle popping off. The only foreign investment is towards ports and energy. You have to ask yourself why the multimillionaires in Uganda, Kenya, and UAE and etc like Amina Moghe, who owns the biggest factories and malls in Uganda, have not invested anything in Somalia, an untapped market? Somalia is special. Workers will demand khat and payment upfront before starting work (which they won't even do). I have seen this with my own eyes. There are no guaranteed property rights; I have also seen this play out between a former and current commercial property owner for over a decade and it's still ongoing. Somalia is a nightmare. It is a very low trust society. The culture is shitty. Nothing will advance without addressing this very shitty culture. If you point out the problem, they'll call you anti-Somali and come at you like a pack of wild hyenas. They think corruption for example will just magically decrease on its own someday without addressing the problem. One time in Somalia, an airport worker didn't make me go through the metal detectors at the airport because I was distantly related to her. This distant relation was more important to her than the possibility of me having a bomb. Unless this culture of corruption, deception, clannism, incompetence, laziness, narcissism, lack of empathy and many others are addressed, nothing changes. Somalia is a circus and its people are clowns. You lose faith in humanity when you visit Somalia and I lost it three times.

 

[Nilotic]

The typical local in Somalia is probably the laziest and most unproductive person on the planet. They are too prideful to wash their own plate. It's a bad business decision investing anything there even if there was no threat of terrorism or a clan battle popping off. The only foreign investment is towards ports and energy. You have to ask yourself why the multimillionaires in Uganda, Kenya, and UAE and etc like Amina Moghe, who owns the biggest factories and malls in Uganda, have not invested anything in Somalia, an untapped market? Somalia is special. Workers will demand khat and payment upfront before starting work (which they won't even do). I have seen this with my own eyes. There are no guaranteed property rights; I have also seen this play out between a former and current commercial property owner for over a decade and it's still ongoing. Somalia is a nightmare. It is a very low trust society. The culture is shitty. Nothing will advance without addressing this very shitty culture. If you point out the problem, they'll call you anti-Somali and come at you like a pack of wild hyenas. They think corruption for example will just magically decrease on its own someday without addressing the problem. One time in Somalia, an airport worker didn't make me go through the metal detectors at the airport because I was distantly related to her. This distant relation was more important to her than the possibility of me having a bomb. Unless this culture of corruption, deception, clannism, incompetence, laziness, narcissism, lack of empathy and many others are addressed, nothing changes. Somalia is a circus and its people are clowns. You lose faith in humanity when you visit Somalia and I lost it three times.

It's truly heart-breaking stuff, mate; I felt really despondent when I went to Juba in 2016.

 

[GemState]

It's truly heart-breaking stuff, mate; I felt really despondent when I went to Juba in 2016.

What happened?