Editing Economy of Somalia (section)

==Economic indicators==
According to the [[African Development Bank]], Somalia is "characterized by a severe lack of basic economic and social statistics". This situation has been exacerbated by the civil war and institutional collapse,<ref>{{cite web|url=http://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/2013-2015%20-%20Somalia%20-%20Country%20Brief.pdf|title=Somalia: Country Brief 2013|publisher=African Development Bank Group|date=March 2013|page=2|access-date=6 July 2015}}</ref> although even prior to Somalia's state failure, data was often unreliable.<ref name=Powell>{{cite journal|title=Somalia after state collapse: Chaos or improvement?|first1=Benjamin|last1=Powell|first2=Ryan|last2=Ford|first3=Alex|last3=Nowrasteh|journal=Journal of Economic Behavior & Organization|volume=67|issue=3–4|year=2008|pages=657–670|doi=10.1016/j.jebo.2008.04.008|url=http://www.independent.org/pdf/working_papers/64_somalia.pdf|citeseerx=10.1.1.365.6345}}</ref>

The [[World Bank]] reports that Somalia's GDP was $917.0 million in 1990 and its total population was 13.42 million in 2014, and has since risen to 15 million as of 2018, marking roughly a 12% increase in its total population since then.<ref>{{Cite web|url=https://data.worldbank.org/country/somalia|title=Somalia {{!}} Data|website=data.worldbank.org|access-date=2019-09-23}}</ref> In 2018 the World bank estimated an annual GDP of $6.2 billion, similar in size to [[Guam]] and the [[Kyrgyz Republic]],<ref>{{Cite web|url=https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=SO|title=GDP (current US$) {{!}} Data|website=data.worldbank.org|access-date=2019-06-11}}</ref> and classifies it as a low-income country.<ref>{{cite web|url=http://data.worldbank.org/country/somalia|title=Somalia|publisher=World Bank|access-date=6 July 2015}}</ref> The [[United Nations Statistics Division]] reports a GDP figure of $1.306 billion for 2012, compared to $2.316 billion in 2005 and $1.071 billion in 2010.<ref name=UNStats>{{cite web|url=http://data.un.org/CountryProfile.aspx?crName=somalia|title=Somalia|publisher=United Nations Statistics Division|access-date=6 July 2015}}</ref>

According to the Central Bank of Somalia, sometime in the 2000s the country's GDP per capita according to the World Bank was $230, a slight reduction in real terms from 1990.<ref name="Cbsar">{{cite web|title=Central Bank of Somalia - Annual Report 2012|url=http://docdroid.net/fjeo|publisher=Central Bank of Somalia|access-date=2 August 2014}}</ref> The 2012 ''[[Human Development Report]]'' estimates per capita GDP to be $284, compared with an average across [[sub-Saharan Africa]] of $1,300 per capita.<ref name=WB>{{cite web|url=http://www.worldbank.org/en/country/somalia/overview|title=Somalia Overview|publisher=World Bank|date=9 March 2015|access-date=30 June 2015}}</ref> This GDP per capita figure is the fourth lowest in the world.<ref name=UNDP/> About 43% of the population live on less than 1 US dollar a day, with about 24% of those found in urban areas and 54% living in rural areas.<ref name="Cbsef"/>

According to the [[United Nations Development Programme]] (UNDP) Somalia, {{as of|2012|lc=y}} the country had some of the lowest development indicators in the world, and a "strikingly low" [[Human Development Index]] (HDI) value of 0.285. This would rank amongst the lowest in the world if comparable data were available, and when adjusted for the significant inequality that exists in Somalia, its HDI is even lower. The UNDP notes that "inequalities across different social groups, a major driver of conflict, have been widening".<ref name="UNDP">{{cite web |year=2012 |title=Somalia Human Development Report 2012: Empowering Youth for Peace and Development |url=http://hdr.undp.org/sites/default/files/reports/242/somalia_report_2012.pdf |url-status=dead |archive-url=https://web.archive.org/web/20140225004755/https://hdr.undp.org/sites/default/files/reports/242/somalia_report_2012.pdf |archive-date=25 February 2014 |access-date=30 June 2015 |publisher=United Nations Development Programme Somalia |page=xviii}}</ref> The UN has classified Somalia as a [[least developed country]] since its [[Committee for Development Policy]] began categorising states in this way in 1971.<ref>{{cite web|url=https://www.un.org/en/development/desa/policy/cdp/ldc2/ldc_countries.shtml|title=Least Developed Countries: Country resolutions and reports|publisher=UN DESA Development Policy and Analysis Division|access-date=6 July 2015}}</ref>

An [[International Monetary Fund]] mission to Somalia reports estimated GDP growth of 3.7% in 2014 and CPI inflation of -71.10%. The report notes that provided that Somalia's security situation continues to improve modestly and there is no drought, economic growth in the medium term should average 5%, but that "growth will remain inadequate to redress poverty and gender disparities".<ref name=IMF15278/> An estimated 73% of the people of Somalia live below the poverty line in 2016.<ref>{{Cite web|date=2016-08-01|title=Ten Things You Need to Know About Poverty in Somalia|url=https://www.borgenmagazine.com/10-facts-poverty-in-somalia/|access-date=2021-05-20|website=BORGEN|language=en-US}}</ref>