Somalia Economic Update, June 2022 : Investing in Social Protection to Boost Resilience for Economic Growth
Somalia is currently experiencing extreme and widespread drought which has been assessed as an unprecedented climatic event not seen in at least 40 years by meteorological agencies and humanitarian partners. After four consecutive seasons of poor rains, 90 percent of the country is experiencing severe drought conditions that include failed crop harvests, widespread water shortages, and decline in livestock production. The drought has intensified the humanitarian crisis and is driving the country into a brink of famine. Significant displacement of people is occurring as they abandoned their homes in search of food, water, and pasture for their livestock. The situation is being exacerbated by the war in Ukraine which has pushed up global food and oil prices. The higher commodity prices are disproportionally affecting the poor and exacerbating inequality. Against this challenging backdrop, the seventh edition of the World Bank’s Somalia Economic Update provides a detailed update of recent economic developments and growth outlook and makes a case for investing in Social Protection to help confront the frequent shocks that buffet the country. Overall, the Economic Update series aims to contribute to policymaking process and stimulate national dialogue on topical issues related to economic recovery and development.
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| Format: | Report biblioteca |
| Language: | English en_US |
| Published: |
Washington, DC
2022-06
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| Subjects: | CLIMATE CHANGE, DROUGHT, WATER SHORTAGE, WAR IN UKRAINE, MIGRATION, HUMANITARIAN CRISIS, INFLATION, POVERTY AND VULNERABILITY, SOCIAL PROTECTION, RESILIENCE, |
| Online Access: | http://documents.worldbank.org/curated/en/099645010242215445/P17502402429f50e708a6408e3872dbb193 http://hdl.handle.net/10986/38206 |
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| Summary: | Somalia is currently experiencing
extreme and widespread drought which has been assessed as an
unprecedented climatic event not seen in at least 40 years
by meteorological agencies and humanitarian partners. After
four consecutive seasons of poor rains, 90 percent of the
country is experiencing severe drought conditions that
include failed crop harvests, widespread water shortages,
and decline in livestock production. The drought has
intensified the humanitarian crisis and is driving the
country into a brink of famine. Significant displacement of
people is occurring as they abandoned their homes in search
of food, water, and pasture for their livestock. The
situation is being exacerbated by the war in Ukraine which
has pushed up global food and oil prices. The higher
commodity prices are disproportionally affecting the poor
and exacerbating inequality. Against this challenging
backdrop, the seventh edition of the World Bank’s Somalia
Economic Update provides a detailed update of recent
economic developments and growth outlook and makes a case
for investing in Social Protection to help confront the
frequent shocks that buffet the country. Overall, the
Economic Update series aims to contribute to policymaking
process and stimulate national dialogue on topical issues
related to economic recovery and development. |
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