Somalia's GDP goes up to 10 billion dollars with an increase of 4.2 in 2023 in contrast 2.7 in 2022

[XuseenS]

long way to go but good progress

 

[Periplus]

This number is wack, honestly. Probably closer to $20 Billion. The GDP includes all FMS regions including SL.

For context, GDP is calculated on:

- Consumption (all the money spent by everyone in the country)

- Investment

- Government spending

- Net Exports (Exports minus Imports)

All these figures added together makes up the GDP of a country. Somalia for African standards is a high-consumption country, Somalis back home spend nearly all their earnings, we have a lot internal investment including remittances, due to having FMS and Federal Government, there is a decent level of government spending.

The only factor that would ruin any GDP figure is our net exports which would be a negative number as we import everything. But I doubt the number is so high that it drags us down to $10 Billion GDP.

 

[SWorld]

Tiny Singapore GDP is $525 billion

Somalia and Somalis are failed state.

 

[Saintz]

Tiny Singapore GDP is $525 billion

Somalia and Somalis are failed state.

View attachment 333271

Due to their historical trade route+ the whole country is statecountry.

 

[Pastoralist]

10 billion and we haven’t even started industrializing or the oil. Somalia needs to increase exports and increase imports. Also stop all the money leaving Somalia by making stuff in our own country.

 

[Saintz]

10 billion and we haven’t even started industrializing or the oil. Somalia needs to increase exports and increase imports. Also stop all the money leaving Somalia by making stuff in our own country.

35billion barrels of oil is 2.6T. Which we gotta remove all the running costs. If our elites can use that to their advantage+broke an peace deal with AS. We will easily surpass 200B GDP within an decade

 

[Pastoralist]

35billion barrels of oil is 2.6T. Which we gotta remove all the running costs. If our elites can use that to their advantage+broke a peace deal with AS. We will easily surpass 200B GDP within an decade

Our growth will be stunted by rampant corruption. But as long as the money isn’t being stolen by foreigners there’s no issue.

 

[Three Moons]

How are their figures lower than those of the IMF? I guess its another case of a super important Somali institution being led by unqualified individuals? It’s perplexing that an economist from the 1970s could increase the GDP by 68% when he factored in milk production (Somalia has one of world’s largest livestock populations), but these guys can’t in 2024?

If you took Vali Jamal’s 1970s method that saw a 68% increase in GDP and combined this with the 2024 IMF figures, you’d get;

GDP nominal: $20 billion - $1250
GDP ppp: $57 billion - $3562

 

[Killamenace78]

Tiny Singapore GDP is $525 billion

Somalia and Somalis are failed state.

View attachment 333271

Exactly 10 billion is nothing

 

[Saintz]

Our growth will be stunted by rampant corruption. But as long as the money isn’t being stolen by foreigners there’s no issue.

As long as we dont end up Libya 2.0, where people started revolting due to elite looting 90% of the GDP