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Response to Galraedia (Original post)

Mon Jun 11, 2012, 09:10 PM

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
Arrow 31 replies Author Time Post
Galraedia Jun 2012 OP
Faygo Kid Jun 2012 #1
tk2kewl Jun 2012 #28
truebrit71 Jun 2012 #31
LineReply aka USA today, Somalia tommorrow !
steve2470 Jun 2012 #2
MinneapolisMatt Jun 2012 #3
wendylaroux Jun 2012 #4
freshwest Jun 2012 #6
Galraedia Jun 2012 #8
Joe Bacon Jun 2012 #5
trusty elf Jun 2012 #25
RKP5637 Jun 2012 #7
agent46 Jun 2012 #9
baldguy Jun 2012 #10
Blue_Tires Jun 2012 #19
RufusTFirefly Jun 2012 #11
tabasco Jun 2012 #12
RBInMaine Jun 2012 #18
Squinch Jun 2012 #13
crunch60 Jun 2012 #14
DreamGypsy Jun 2012 #15
crunch60 Jun 2012 #16
RBInMaine Jun 2012 #17
Rain Mcloud Jun 2012 #20
unkachuck Jun 2012 #21
calimary Jun 2012 #22
baldguy Jun 2012 #24
LiberalLovinLug Jun 2012 #29
Skittles Jun 2012 #23
turtlerescue1 Jun 2012 #26
Randomthought Jun 2012 #27
and-justice-for-all Jun 2012 #30
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