Somalia Economic Update, October 2015 : Transition Amid Risks with a Special Focus on Intergovernmental Fiscal Relations

Somalis face a daunting development challenge to overcome the legacy of two decades of sustained conflict and fragility, but substantial progress is now being made. Since 1991 and the collapse of the Siad Barre regime, Somalia has experienced cycles of conflict and fragility that fragmented the country, undermined legitimate institutions, and created widespread vulnerability. The new government that emerged following the Transitional Federal Government and the Roadmap to End the Transition in 2012 inherited a dysfunctional economy facing high levels of poverty and inequality, a youth bulge, high unemployment, and large infrastructure gaps. Against a backdrop of political progress marked by the emergence of new Federal Member States (FMSs) within the new constitutional framework and continued insecurity, the Federal Government of Somalia (FGS) has embarked on a process of structural, legislative, and institutional reform. The economy is starting to respond: Somalis are returning from abroad to invest, shops are opening, and the property market is booming. This is the first economic update for Somalia since the 2005 World Bank country economic memorandum for Somalia. The long conflict made monitoring of economic and social data nearly impossible since the late 1980s. With the relative stability of the past few years, new data have become available. The update is divided into two parts. Part one presents information on the social, economic, and governance status of Somalia. Part two focuses on intergovernmental fiscal relations.

Bibliographic Details

Main Author:	World Bank Group
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Nairobi, Kenya 2015-10
Subjects:	GOVERNMENT ENTITIES, FINANCIAL SERVICES, REGULATORY FRAMEWORK, BUDGET MANAGEMENT, GOVERNMENT EXPENDITURES, INTERGOVERNMENTAL FISCAL SYSTEM, SOCIALISM, NATIONAL ACCOUNTS, PUBLIC PROCUREMENT, CONSTITUTIONAL DESIGN, FINANCIAL SECTORS, FINANCIAL MANAGEMENT, FINANCING, FISCAL STRESS, STATE COLLAPSE, STATE ADMINISTRATION, CONSTITUTIONAL ARRANGEMENTS, DECISION-MAKING PROCESS, PUBLIC SECTOR, GOVERNMENT, FINANCIAL ASSISTANCE, FISCAL EQUALIZATION, NATIONS, ADMINISTRATIVE REGIONS, GOVERNMENT REVENUES, RESPONSIBILITY, LOCAL GOVERNMENTS, POLITICIANS, FINANCIAL RESOURCES, BUDGET REVENUES, ACCOUNTABILITY MECHANISMS, FISCAL POLICY, CONFEDERATION, TAX AUTHORITY, TAX ADMINISTRATIONS, AUTHORITIES, ASSET MANAGEMENT, CORRUPTION, NATIONAL LEVEL, INDEPENDENCE, OVERSIGHT, MINISTERS, FISCAL CAPACITY, LACK OF CREDIT, BUDGET EXPENDITURES, GOVERNMENT LEVEL, STATES, STATE INSTITUTIONS, REVENUE CAPACITY, EXECUTION, AUTHORITY, LEGISLATIVE ASSEMBLIES, PUBLIC FUNDS, EMBEZZLEMENT, LEVELS OF GOVERNMENT, DEMOCRACY, MUNICIPAL GOVERNMENTS, GOVERNMENT SYSTEMS, MINISTRIES, FINANCIAL INSTITUTIONS, MEMBERS OF PARLIAMENT, LOCAL GOVERNMENT, LEGISLATION, INSTITUTIONAL ARRANGEMENTS, STATE INCOME, PUBLIC FINANCE, DICTATORSHIP, EXPENDITURE MANAGEMENT, GOVERNANCE INDICATORS, BUDGET DEFICIT, SOCIAL SECURITY, REPRESENTATIVES, GOVERNMENT RESOURCES, SUBNATIONAL GOVERNMENT, TAX REVENUES, COUNCILS, FINANCIAL HEALTH, FINANCIAL SYSTEM, UPPER HOUSE, LEGAL FRAMEWORK, SOCIAL REFORMS, DOMESTIC TRADE BARRIERS, TAX RECEIPTS, PUBLIC INVESTMENT, FEDERAL STATES, GOVERNMENT SERVICES, EXPENDITURE, FISCAL, REGULATORY FRAMEWORKS, ACCOUNTABILITY, TAX RATE, MEMBER STATES, COLONIES, SOCIAL JUSTICE, TRANSPARENCY, CENTRAL BANK MANAGEMENT, STATE GOVERNMENT, PUBLIC EXPENDITURE, LEGAL REFORM, COMPROMISE, ENACTMENT, FOREIGN DIRECT INVESTMENT, GOVERNMENT FINANCE, SOCIAL POLICY, INTERGOVERNMENTAL TRANSFER, LACK OF ACCOUNTABILITY, INTERGOVERNMENTAL TRANSFERS, CENTRAL GOVERNMENT, SOCIOECONOMIC DEVELOPMENT, INTERGOVERNMENTAL SYSTEM, FEDERATIONS, VETO, GOVERNMENT REVENUE, GOVERNMENT LEVELS, DECISION-MAKING, DECISION MAKING, PRESIDENTIAL ELECTIONS, SENATE, INSTITUTIONAL CAPACITY, FEDERAL GOVERNMENT, PUBLIC INSTITUTIONS, FOREIGN EXCHANGE, REPRESENTATION, STATE AUTONOMY, REGULATION, STATE BUDGET, NATIONALS, CONSTITUTIONS, ASSASSINATION, PUBLIC DEBT, CITIZENS, LOWER HOUSE, ADMINISTRATION, CONSTITUTION, REVENUE COLLECTION, GOVERNANCE, INSTITUTIONAL REFORM, PRIVATE SECTOR INVESTMENT, ENFORCEMENT, TAXATION, SOCIAL SECTORS, PRESIDENTS, GOVERNMENT STATISTICS, LEGAL DRAFTING, CONSENSUS, STATE, CITIZENSHIP, REGIONS, FINANCIAL INTERMEDIATION, PUBLIC PROCUREMENT SYSTEM, REPUBLICS, HUMAN RESOURCES, MINISTRY OF FINANCE, TAX SYSTEM, FISCAL MANAGEMENT, FISCAL REFORM, FEDERATION, FISCAL SITUATION, JUDICIARY, TAX ADMINISTRATION, DECENTRALIZATION, FEDERALISM, GOVERNMENT STRUCTURES, REHABILITATION, LAW, FINANCIAL SUPPORT, TAX REFORM, AUDIT, LEGITIMACY, BUDGETARY FUNDS, FINANCIAL SECTOR, GOVERNMENTS, EXECUTIVE INSTITUTIONS, LACK OF ACCOUNTABILITY MECHANISMS, ELECTED REPRESENTATIVES, FISCAL DECENTRALIZATION, CONSTITUTIONAL COURTS, DISTRICTS, INTERGOVERNMENTAL FISCAL RELATIONS, FOREIGN ASSISTANCE, COUNCIL OF MINISTERS, SOCIAL TRUST,
Online Access:	http://documents.worldbank.org/curated/en/2015/11/25468667/somalia-economic-update-transition-amid-risks-special-focus-intergovernmental-fiscal-relations http://hdl.handle.net/10986/23240
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