MOGADISHU (Halbeeg News) – Somalia’s gross domestic product has expanded from 2.5 percent in 2017 thanks to efforts by the government and private companies, Somali PM said Sunday.
Last year, Somali government reached tax agreements with airlines and telecom companies.
Speaking at first economy-wide public-private dialogue meeting in Mogadishu, PM Kheire said accelerated structural reforms by the government led to the achievement of higher economic growth.
The PM fore-casted that the country’s economy grew by an average of between 3-4 percent as the private sector increased their contribution to the economy.
“Our GPD rose to 2.3% last year and we hope that it will hit 3 to 4%. And the inflation rate is expected to decrease by 6%. The number of new companies registering with the government doubled,” he said.
The government has today opened the first economy-wide public-private dialogue meeting aimed at stepping up relations between stakeholders from the private and public sector.
The forum which will run for two days was officially opened by Somali prime minister Hassan Ali Kheire.
The event organised by the Ministry of Commerce and the Somali Chamber of Commerce brings together representatives from government, businesses, civil society and donors.
Last Month, Somali cabinet approved $340,060,149 for next year.
The figure is about 24 per cent rise from last year’s $274.6 million budget.
The government expects $189.9m (55.8%) from internal sources, while it anticipates $124.6m (44.2%) from the donor community.
The endorsed budget will have to pass through the bicameral parliament.