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Mogadishu (HOL) — Somalia's economy depends heavily on remittances from its diaspora, with funds sent from abroad accounting for an estimated 30% to 50% of the country's GDP, one of the highest ratios in the world. These remittances, totalling around $2 bilWATCH: Somalia's economy heavily dependent on $2 billion in annual remittances
Mogadishu (HOL) — Somalia's economy depends heavily on remittances from its diaspora, with funds sent from abroad accounting for an estimated 30% to 50% of the country's GDP, one of the highest ratios in the world. These remittances, totalling around $2 billion annually, are crucial for covering essential needs such as food, healthcare, and education for countless Somali families. Read more