Somalia\u2019s economy is projected to grow by 2.3% in 2026, with growth expected to increase to 2.7% next year, according to the International Monetary Fund (IMF).<\/p>\n
The figures were reported following an IMF assessment of Somalia\u2019s economic performance and outlook amid continuing challenges, including prolonged drought, regional instability and the effects of conflict in the Middle East.<\/p>\n
Despite these challenges, the IMF said Somalia\u2019s economy has shown notable progress and could record stronger growth in 2027.<\/p>\n
The IMF\u2019s latest assessment followed a mission conducted between September 21 and October 1, 2026. During the assessment, IMF officials and experts, including Ran Bi, Deputy Director for the Middle East and Central Asia, held discussions with Somali officials in Nairobi.<\/p>\n
The IMF recommended that the Federal Government strengthen measures to increase domestic revenue collection, reduce unnecessary expenditure and continue strengthening security.<\/p>\n
The Fund also noted Somalia\u2019s efforts to improve public financial management, domestic taxation and non-tax revenue collection, which are expected to support economic growth and strengthen the country\u2019s fiscal position.<\/p>\n
IMF officials have continued to engage with Somali government authorities since Somalia received major debt relief, providing policy advice and regularly assessing progress in the country\u2019s economic and financial reforms.<\/p>\n
The projected increase in economic growth comes as Somalia continues efforts to strengthen its institutions, improve domestic revenue mobilisation and build a more sustainable economic and fiscal framework.<\/p>\n
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