June2024|EditionNo.9AddressingClimateChangeChallengesforEconomicGrowthPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorized@Abdihakim/WorldBankAddressingClimateChangeChallengesforEconomicGrowthJune2024SOMALIAECONOMICUPDATEFederalRepublicofSomaliaAFRICAAddressingClimateChangeChallengesforEconomicGrowth©2024TheWorldBank1818HStreetNW,WashingtonDC20433Telephone:202-473-1000;Internet:www.worldbank.orgSomerightsreservedThisworkisaproductofthestaffofTheWorldBank.Thefindings,interpretations,andconclusionsexpressedinthisworkdonotnecessarilyreflecttheviewsoftheExecutiveDirectorsofTheWorldBankorthegovernmentstheyrepresent.TheWorldBankdoesnotguaranteetheaccuracyofthedataincludedinthiswork.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthepartofTheWorldBankconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.RightsandPermissionsThematerialinthisworkissubjecttocopyright.BecausetheWorldBankencouragesdisseminationofitsknowledge,thisworkmaybereproduced,inwholeorinpart,fornoncommercialpurposesaslongasfullattributiontothisworkisgiven.Attribution—Pleasecitetheworkasfollows:“WorldBank.2024.SomaliaEconomicUpdate,NinthEdition:AddressingClimateChangeChallengesforEconomicGrowth.©WorldBank.”Allqueriesonrightsandlicenses,includingsubsidiaryrights,shouldbeaddressedtoWorldBankPublications,TheWorldBankGroup,1818HStreetNW,Washington,DC20433,USA;fax:202-522-2625;e-mail:pubrights@worldbank.org.Coverphotos:Abdihakim/WorldBankTABLEOFCONTENTSAbbreviations........................................................................................................................................................................................iAcknowledgements...............................................................................................................................................................................iiForeword................................................................................................................................................................................................iiiHorudhac................................................................................................................................................................................................ivExecutiveSummary................................................................................................................................................................................vDhokumentiKooban..............................................................................................................................................................................xiPARTI.SOMALIAMACROECONOMICSUMMARY................................................................................................................................21.TheGlobalandRegionalEconomy...........................................................................................................................................22.RecentEconomicDevelopmentsinSomalia.............................................................................................................................33.Medium-TermOutlookandRisks.............................................................