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Somalia Economic Update, August 2018: Rapid Growth in Mobile Money -- Stability or Vulnerability?

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dc.contributor.authorWorld Bank Group
dc.date.accessioned2018-09-13T14:49:23Z
dc.date.available2018-09-13T14:49:23Z
dc.date.issued2018-08
dc.description.abstractSomalia’s economy grew by 2.3 percent in 2017. The economy remains vulnerable to recurrent shocks. Between 2013 and 2017, real annual GDP growth averaged 2.5 percent. Growth occurred despite adverse weather conditions that severely reduced agricultural output in late 2016 and early 2017. For Somalia to enhance and sustain economic growth and escape chronic poverty, it must increase its resilience to shocks. Growth recovery is set to continue beyond 2018, lifted by gains from ongoing reforms as well as improved security. Rising domestic demand, remittances, and donor inflows and consolidation of peace and security are expected to drive growth in 2019–20. Achieving higher growth will require acceleration of structural reforms, particularly in three areas: fiscal policy and public financial management, provision of basic services (to promote human development and inclusion), and improved resilience to weather shocks particularly in the agriculture sector. Mobile money is an essential part of Somalia’s economic ecosystem. Almost three-quarters of the population aged 16 and above use mobile money on a regular basis. It is now the main transaction instrument used by both individuals and businesses across the country: presenting an opportunity to increase access to finance, spur inclusive growth, and promote resilient communities. However, with increasing dependence on mobile money as a medium of exchange comes increased vulnerabilities.en
dc.identifierhttp://documents.worldbank.org/curated/en/975231536256355812/Rapid-Growth-in-Mobile-Money-Stability-or-Vulnerability
dc.identifier.doi10.1596/30417
dc.identifier.urihttps://hdl.handle.net/10986/30417
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectMOBILE BANKING
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTLOOK
dc.subjectPOVERTY RATE
dc.subjectTRADE
dc.subjectINCLUSIVE GROWTH
dc.subjectPRIVATE INVESTMENT
dc.subjectFISCAL TRENDS
dc.subjectREGULATION
dc.subjectDROUGHT
dc.subjectMONETARY POLICY
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL INCLUSION
dc.titleSomalia Economic Update, August 2018en
dc.title.subtitleRapid Growth in Mobile Money -- Stability or Vulnerability?en
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleSomalia Economic Update, August 2018
okr.date.disclosure2018-09-12
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/975231536256355812/Rapid-Growth-in-Mobile-Money-Stability-or-Vulnerability
okr.guid975231536256355812
okr.identifier.doi10.1596/30417
okr.identifier.doihttps://doi.org/10.1596/30417
okr.identifier.externaldocumentum090224b0860f7ae7_2_0
okr.identifier.internaldocumentum30403188
okr.identifier.report129780
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/975231536256355812/pdf/REPLACEMENT-PUBLIC-Somalia-Economic-Update-3-FINAL.pdfen
okr.region.administrativeAfrica
okr.region.countrySomalia
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::E-Finance and E-Security
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Inequality
okr.unitEast Africa (GMTA3)
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