In the discussion thread: Tea Party Grassroots Gather In Washington To Prep For 'The Hostile Takeover' [View all]
Response to Galraedia (Original post)
Mon Jun 11, 2012, 09:10 PM
steve2470 (26,446 posts)
2. aka USA today, Somalia tommorrow !
Despite the lack of effective national governance, Somalia has maintained a healthy informal economy, largely based on livestock, remittance/money transfer companies, and telecommunications. Agriculture is the most important sector with livestock normally accounting for about 40% of GDP and more than 50% of export earnings. Nomads and semi-pastoralists, who are dependent upon livestock for their livelihood, make up a large portion of the population. Livestock, hides, fish, charcoal, and bananas are Somalia's principal exports, while sugar, sorghum, corn, qat, and machined goods are the principal imports. Somalia's small industrial sector, based on the processing of agricultural products, has largely been looted and the machinery sold as scrap metal. Somalia's service sector has grown. Telecommunication firms provide wireless services in most major cities and offer the lowest international call rates on the continent. In the absence of a formal banking sector, money transfer/remittance services have sprouted throughout the country, handling up to $1.6 billion in remittances annually. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate and are supported with private-security militias. Somalia's arrears to the IMF have continued to grow.
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Replies to this discussion thread
|Faygo Kid||Jun 2012||#1|
aka USA today, Somalia tommorrow !
|Joe Bacon||Jun 2012||#5|
|trusty elf||Jun 2012||#25|
|Rain Mcloud||Jun 2012||#20|
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