Somalia Economic Update : Integrating Climate Change with Somalia's Development - The Case for Water (English)
Coherent Identifier 20.500.12592/wm37s9w

Somalia Economic Update : Integrating Climate Change with Somalia's Development - The Case for Water (English)

29 November 2023

Summary

Somalia has remained on a strong economic reform path despite the various global and exogenous shocks that have continued to buffet the economy. Recurrent climate-related shocks, such as cycles of droughts, floods, locusts’ infestation, higher international commodity prices, as well as increased insecurity and conflict, have interrupted the country’s growth trajectory. However, this has not deterred the country’s commitment to continue advancing reforms to strengthen key economic institutions and promote macroeconomic stability and recovery. As a result, Somalia has continued to make progress toward meeting the conditions for achieving the heavily indebted poor country (HIPC) completion point in December 2023. Within the framework of resilience, the eighth edition of the World Bank’s Somalia economic update series provides an in-depth analysis of recent economic developments and growth outlook and makes a case for integrating climate change with Somalia’s growth agenda. This report highlights macroeconomic policies and reforms that promote inclusive growth and institutional building including enhancing fiscal space for development priorities while strengthening expenditure controls; strengthening financial integrity; integrating Somalia into the global financial system; and improving debt management.

Disclosure Date
2023/11/29
Disclosure Status
Disclosed
Doc Name
Somalia Economic Update : Integrating Climate Change with Somalia's Development - The Case for Water
Product Line
Advisory Services & Analytics
Rel Proj ID
SO-Somalia: Macroeconomics And Fiscal Programmatic Approach -- P179702
Sector
Central Government (Central Agencies)
TF No/Name
TF0B9674-Macroeconomic and Fiscal Programmatic Approach TF,TF0C2561-Whole-of-Economy Climate Change Program
Unit Owning
EFI-AFR1-MTI-MacroFiscal-1 (EAEM1)
Version Type
Final
Volume No
1
Published in
United States of America

Creators/Authors

Tags

climate change water climate change adaptation somalia water allocation and water economics central government central agencies eastern and southern africa

Topics