African countries by Nominal GDP 2017 (IMF October 2017)

[Khalumi]

GDP is the overall size of the economy of a nation. It does not reflect the standard of living but it does reflect how mighty a country is economically. A lot of you guys compared Eritrea to Somalia. Eritrea has a smaller economy than Somalia yet it has a higher ''Per Capita income compared to Somalia.

Fpr e.g. Somalias economy divided by its number of people would give you around $600 per person. In Eritrea, their economy divided by their population is $900 so it is a richer than Somalia hence the more nice looking capital. However, a nice looking capital doesn't mean it produces enough. a country can have tons of factories working in a place with no paved roads, that is still more productive than Eritrea with a few roads but barely any type of productive economic activity

 

[Adam Mo]

GDP is the overall size of the economy of a nation. It does not reflect the standard of living but it does reflect how mighty a country is economically. A lot of you guys compared Eritrea to Somalia. Eritrea has a smaller economy than Somalia yet it has a higher ''Per Capita income compared to Somalia.

Fpr e.g. Somalias economy divided by its number of people would give you around $600 per person. In Eritrea, their economy divided by their population is $900 so it is a richer than Somalia hence the more nice looking capital. However, a nice looking capital doesn't mean it produces enough. a country can have tons of factories working in a place with no paved roads, that is still more productive than Eritrea with a few roads but barely any type of productive economic activity

Yes but when Somalia is finally conducive to business activity you should have a flood of investment from Somali businesses in other East african countries which should by itself increase GDP.

 

[Khalumi]

Yes but when Somalia is finally conducive to business activity you should have a flood of investment from Somali businesses in other East african countries which should by itself increase GDP.

Remitances are calculated and somali business activity in east africa, specifically kenya is not as big as many of you imagine. Kenya last year had received FDI of less than $450 million and even that is mainly from European and Chinese companies. It could increase GDP of course, but IMF estimates that by 2022 Somalia GDP would reach only about $7.5 billion taking into account potential stability.

 

[Deactivated]

Somalia is literally getting a front row seat and watching Africa get raped.

Our nacaasnimo is saving us for once.

I read once that 1 Trillion is given to Africa for Aid/Dev, and in return 12 Trillion leaves the continent in the same year.

 

[Xooshdheere]

Ok here’s some quick economics for you guys.

GDP stands for gross domestic product and its the market value of all goods and services produced by a country in a given period. For example, if a “country” produced and sold 5 apples for $1 each and 6 bananas for $2, its GDP would be $17.

Now the real thing you need to know is that GDP does not necessarily reflect a standard of living. It helps, sure, but its not concrete. For example, money made in black markets, like drug dealing, will not count in the overall GDP. Non-market activities ranging from the aforementioned black markets, bartering, and unpaid work are present in many third world countries. It also doesn’t reflect income inequality, the gap between the rich and the poor.

One way of figuring these discrepancies out is by dividing the GDP by the population to give you the average income. If the number is doubtfully low, it could be a sign that there are rampant non-market activities.

In Somalia’s case, the average income per person a year would be roughly $600. Make of that what you will.

Muslim, Anti SJW, sspot detective, smart, political xalimo

 

[scheinwelt]

Think this is more interesting to look at.

 

[Apollo]

I'd even say it has better living standard then Nigeria which has the highest GDP.

Eritrea is a hell hole outside of Asmara.

Eritreans are also significantly over-represented when it comes to applying for asylum in Europe. They outnumber Nigerians in most of Northern Europe. Their country can't be good..

 

[Adam Mo]

Remitances are calculated and somali business activity in east africa, specifically kenya is not as big as many of you imagine. Kenya last year had received FDI of less than $450 million and even that is mainly from European and Chinese companies. It could increase GDP of course, but IMF estimates that by 2022 Somalia GDP would reach only about $7.5 billion taking into account potential stability.

Yeh ur right but does the IMF take into account potential government influence to increase aggregrate demand through through fiscal policies such as spending and taxes. Thats why governance is key, people sometimes understate the cost of corruption as well to GDP. It increases the cost of doing business.

 

[Khalumi]

Think this is more interesting to look at.

That is a totally different subject

 

[Khalumi]

Yeh ur right but does the IMF take into account potential government influence to increase aggregrate demand through through fiscal policies such as spending and taxes. Thats why governance is key, people sometimes understate the cost of corruption as well to GDP. It increases the cost of doing business.

The IMF's job is to calculate the size of economic activity within a country. Corruption should be dealt with by the people of those countries. Government spending on imports and its participation in exports is also calculated.

 

[RasCanjero-]

Somalia is literally getting a front row seat and watching Africa get raped.

Our nacaasnimo is saving us for once.

I read once that 1 Trillion is given to Africa for Aid/Dev, and in return 12 Trillion leaves the continent in the same year.

When we finally get our act together in 2240 we'll still have most of our natural resources while every other developing nation has been exploited to their bones.

Could easily see commodity prices picking up over time.

Hopefully by then; mining and refinery tech would be made more accessible so we could actually go up in the value chain instead of selling our future by the tonne.

 

[MadNomad]

The following countries have smaller economies than Somalia in GDP

Burundi
Cape Verde
Central African republic
Comoros
Eritrea

The Gambia
Guinea-Bissau
Lesotho
Liberia
Mauritania

São Tomé and Príncipe
Seychelles
Sierra Leone
South Sudan
Swaziland
Togo

Does any of those countries have a similar population size to Somalia? Or larger? Because if so..that's embarrassing, for them.

 

[MadNomad]

When we finally get our act together in 2240 we'll still have most of our natural resources while every other developing nation has been exploited to their bones.

Could easily see commodity prices picking up over time.

Hopefully by then; mining and refinery tech would be made more accessible so we could actually go up in the value chain instead of selling our future by the tonne.

You're assuming Somalia won't be exploited. You can see the early signs already. Politicians are selling themselves, soon they will sell the rights to our resources. Our sea, oil rights, minerals and natural gas, you name it. Foreign companies will suck us dry when given the chance.

 

[Khalumi]

Does any of those countries have a similar population size to Somalia? Or larger? Because if so..that's embarrassing, for them.

None have a bigger population than Somalia, 14 million people in Somalia. However South Sudan and Burundi have populations of 12 million and 10 million respectively. Togo is close to 8 million.

One thing worth noting though is that South Sudan used to have a larger economy than Somalia up until 2016. In 2011, their year of Independence when they separated from Sudan they had a GDP of $17.1 billion. It was their highest ever recorded GDP. Since then, they have only been going down due to internal fighting and killings. Today their GDP is $2.9 billion

 

[RasCanjero-]

You're assuming Somalia won't be exploited. You can see the early signs already. Politicians are selling themselves, soon they will sell the rights to our resources. Our sea, oil rights, minerals and natural gas, you name it. Foreign companies will suck us dry when given the chance.

True, it's already happening with ports and assets fully controlled by the states.

Seems like we can't rely on infighting to save our natural resources.

It's not like Farmaajo and co are putting up any fight for us.

 

[MadNomad]

True, it's already happening with ports and assets fully controlled by the states.

Seems like we can't rely on infighting to save our natural resources.

It's not like Farmaajo and co are putting up any fight for us.

Ironically we were better protected when Somalia used to be in full anarchy mode. Now with these states controlled by corrupt leaders foreign companies need only offer a price and gain our resources legally.

 

[Von]

Ironically we were better protected when Somalia used to be in full anarchy mode. Now with these states controlled by corrupt leaders foreign companies need only offer a price and gain our resources legally.

I mean as long as we are getting paid for part of the resources that should be fine, we should build a country with human resource-based economy, best to act like Somalia doesn't have natural resources,

 

[MadNomad]

I mean as long as we are getting paid for part of the resources that should be fine, we should build a country with human resource-based economy, best to act like Somalia doesn't have natural resources,

Human resource-based economy, in Africa?

 

[Von]

Human resource-based economy, in Africa?

im just playing human based economy? nahhh muh qabil, resource-based economy? nahh muh qabil,

Spoiler

You don't have permission to view the spoiler content. Log in or register now.

 

[MadNomad]

im just playing human based economy? nahhh muh qabil, resource-based economy? nahh muh qabil,

Spoiler

You don't have permission to view the spoiler content. Log in or register now.

Those pennies go right into the pockets of xoolo politicians. So really we lose some and gain nothing.

South Korea are a united people, with a highly educated populace. Somalia isn't there yet, our best bet is making buckets of money from our natural resources. Which we can't do if they are sold away.