The World's Most Dangerous Economy: Somalia | Economics Explained

[DR OSMAN]

Somalia economy was just fine under Siyad. Wage to House was only 2x a single salary, ppl cud literally save within 2 years and purchase a property. Now property to wage is 100 times a single income. This is unsustainable

 

[DR OSMAN]

What's the cost of eggs, milk, meat, vegetables cause the GDP per capita is $500. It shouldn't be any-more then 5% of the avg income. Avg income here 60k, their groceries is 3% or something ridiculously low. Somalia has a long way to go. Banking is the cure diaspora-local all putting their money together and invest, invest, invest into projects-start up-assets, not let money burn away in accounts to inflation of 5% a year

 

[Hotchick12]

been watching EE since 2018, one thing that stuck out was Mogadishu real estate being more expensive then Austin, TX. it just seems kinda backwards with a GDP of $400, who can buy a house for $500,000?

That’s what happens to country’s capital no matter how shitty the country is the capital will always be expensive, that shows how much capital Somalis in general have, it’s not just Hawiye buying property, it’s all Somalis

 

[0117]

A racist and outdated report on Somalia that would've been ok in 2011.

It's 2023 and Somalia has received foreign direct investment by the likes of DP World and you have Mogadishu that is growing by the day post 2011 when FGS took over.

The most damming issue with the video is that it doesn't mention the billions of remittance sent back home every year and the impressive Telecommunications sector.

 

[aden1812]

That’s what happens to country’s capital no matter how shitty the country is the capital will always be expensive, that shows how much capital Somalis in general have, it’s not just Hawiye buying property, it’s all Somalis

That's not always the case, the capital is expensive but shouldn't be the most expensive. my opinion is the political, technological, economic capitals of countries should not be in the same city.

 

[Idilinaa]

A racist and outdated report on Somalia that would've been ok in 2011.

It's 2023 and Somalia has received foreign direct investment by the likes of DP World and you have Mogadishu that is growing by the day post 2011 when FGS took over.

The most damming issue with the video is that it doesn't mention the billions of remittance sent back home every year and the impressive Telecommunications sector.

Disappointed. It didn't actually explain the economics of Somalia at all. All it did was emphasize how the security impacts the development and foreign aid/investment into the country.

It would have been interesting seeing him break down the different sectors, how each makes up the GDP and where the potential growth lies. The Remittances and diaspora investments are another thing.

Describing it as a functional anarchy is also completely inaccurate. No, it's a society with multiple competing governments. Anarchy means a society without power hierarchies, not a civil war

 

[aden1812]

Disappointed. It didn't actually explain the economics of Somalia at all. All it did was emphasize how the security impacts the development and foreign aid/investment into the country.

It would have been interesting seeing him break down the different sectors, how each makes up the GDP and where the potential growth lies. The Remittances and diaspora investments are another thing.

Describing it as a functional anarchy is also completely inaccurate. No, it's a society with multiple competing governments. Anarchy means a society without power hierarchies, not a civil war

Ministry of finance, world bank, and IMF have those breakdowns. It’s always funny to see how much is spent on water, electricity, and agriculture.