Somalia unveils ambitious plan to lift economy

[PhySom]

Somalia unveils ambitious reforms to lift economy

Somalia has seen her GDP grow by 2.8 and 2.9 per cent respectively in 2018 and 2019, with the country expected to grow by a further 3.2 per cent this year prior to the COVID-19 pandemic, what kind of reforms are being instilled to ensure economic stability? CNBC Africa's Arnold Kwizera spoke to...

www.cnbcafrica.com

 

[hannah54321]

It’s 14 min long sigh

 

[Abaq]

With a rational industrial policy, Somalia can become firmly middle income in 15-20 years. The catalyst are two simple strategies, an industrial complex near a port with a stable water and electricity supply, coupled with export promotion.

 

[DR OSMAN]

With a rational industrial policy, Somalia can become firmly middle income in 15-20 years. The catalyst are two simple strategies, an industrial complex near a port with a stable water and electricity supply, coupled with export promotion.

Export driven has been all Somalis have been doing for the past 500 years, we need to create an internal market like most countries do and that begins with skills development. We should have at least 100 banks operating to facilitate loans to locals to begin their own businesses and ideas, not dig the ground for resources and export it to the world.

 

[Abaq]

Export driven has been all Somalis have been doing for the past 500 years, we need to create an internal market like most countries do and that begins with skills development. We should have at least 100 banks operating to facilitate loans to locals to begin their own businesses and ideas, not dig the ground for resources and export it to the world.

I agree with you on the internal market. But we also need to expand export to get foreign currency and technology. We need to start exporting industrial products not raw materials like we do now.

 

[MadMullah99]

I rather watch ambitious booty

 

[Tucking_Fypo]

Ambitious plans yes but why is revenue producing Afgooye not being saved from catastrophic floods?

seems more like ambitious misleading!

 

[Farm]

Unless AS is defeated there can’t be real economic growth. They need to focus on security and place everything else second.

 

[Soma]

Unless AS is defeated there can’t be real economic growth. They need to focus on security and place everything else second.

Economic growth helps to defeat AS. Poor and hungry kids are more easily swayed than fed and rich kids.

 

[Farm]

Economic growth helps to defeat AS. Poor and hungry kids are more easily swayed than fed and rich kids.

I understand that...however we can’t have economic growth without significant foreign direct investment which requires a secure environment. No one will invest in an unsafe location.

 

[Farjano-Walad]

Ambitious plans yes but why is revenue producing Afgooye not being saved from catastrophic floods?

seems more like ambitious misleading!

or maybe they could do far more useful stuff like making the capital save, strong SNA army made of every region,

strong federal constitution so we know what rights the central government has and what limitations? maybe the fed can tell us how they share revenue, where the money goes borrowed in the name of somalia?

how about they build the foundations before the erect the roof?

it seems to me rather backward, i would try to get the regional presidents on board and actually agree what rights the regions have and powers and the central gov and then stabilise the country, specially the south before i dream about industrial policy

imagine you are trying to lose weight but will not even discuss how many times you will hit the gym each week or diet plan

useless so called government

how about farmajo starts off with telling how how much the president should be paid in salary and set it in stone, because in theory he could take as much as he wants since there is no agreements on even basic things

 

[Soma]

I understand that...however we can’t have economic growth without significant foreign direct investment which requires a secure environment. No one will invest in an unsafe location.

We can do both simultaneously.

 

[Removed]

Anti-corruption and qabiil nepotism laws/canpaigns would solve almost every issue faced in south Somalia. It would almost definitely solve the issue of AS.

But convincing the FGS to be wadani and anti-qabiil corruption is like trying to teach AS to be friendly and loving, some people are just how they are.