Somalia : 2017 Article IV consultation and first review under the staff-monitored program : press release; staff report; and statement by the Executive Director for Somalia

This 2017 Article IV Consultation highlights that despite a severe drought and sporadic terrorist attacks, Somalia avoided a significant economic slowdown in 2017 with support from the national and international community. Economic activity in 2017 is expected to have slowed. The drought that hit the country since late 2016 has receded, but it took a considerable toll, particularly in the remote areas. GDP growth is projected to have remained subdued at 1.8 percent in 2017. Driven by higher food prices, year-over-year inflation increased to 5.2 percent at the end of December 2017. A small budget surplus was achieved by the end of September 2017, even though domestic revenue fell short of the program target