Download logoSince Somalia’s private sector accounts for an estimated 95 percent of total jobs created, marshaling the private sector to support the country’s development is critical for reconstruction, transitioning from fragility, and generating more inclusive economic dividends for it’s people. The country also needs to focus on growth (to avoid falling back into debt), create jobs, and enhance economic opportunities for citizens. Furthermore, private sector activity is concentrated on commerce and other, mostly non-tradable, consumption-driven services. In this context, the CPSD highlights recommendations that could have the greatest impact on unleashing the Somali private sector, incentivizing short-term dividends, and enabling a private sector-led economic transformation in the medium to long-term. Fostering a vibrant and inclusive private sector in Somalia is crucial for inclusive and sustainable economic growth, job creation, and resilience against fragility, requiring concerted efforts to address policy and regulatory gaps, enhance infrastructure, and unlock investment opportunities across key sectors.

Source: The North Africa Journal June 26, 2024 16:24 UTC