With 75% unemployment, Somalia’s economy faces multifaceted challenges including the cumulative effects of the absence of government and conventional financial institutions, poor business climate and commercial law, limited standards and quality control, lack of business services and market research and short supply of the skills demanded by the current labour market.

.Despite such an array of constraints, Somalia also has some important assets on which it can build – such as the extraordinarily entrepreneurial spirit of its people, the willingness to take risks and the emergence of government institutions.

Economic experts in the Hayaan Institute are working on policies and strategies to foster key sectors of Somalia’s economy, including fisheries, livestock and the extractive industries. The institute is also developing policies to help open up opportunities for new, small and medium businesses – as well as investment from new sources – by expanding access to the financial system and increasing the availability of key business services.