Economic Development

Image: ©Shaqodoon
Economic adversity remains a major challenge to sustainable development in Somalia, which particularly affects young populations. Fostering inclusive and productive economic participation and development remains critical with high levels of poverty, poor human development indicators and instability, and new threats posed by climate change. An estimated 50 per cent of youth (aged 20-34 years) are currently unemployed or economically inactive.

 

Somalia has made strides on supporting economic reforms, including work towards debt relief and the ascension of Somalia into the East Africa Community. The Netherlands strives to support this momentum towards positive change by enhancing economic stability for micro small and medium enterprises (MSMEs) and a more diverse private sector that supports young people to be more economically active as one of its key objectives.

The Netherlands instrumentalizes sustainable local economic development by focusing on supporting the overall Skills and Jobs Ecosystem. Through supporting the Somali led SHAQO consortium, which through an industry specific sector approach to support meaningful youth participation and improving the future of work for youth by investing in green jobs, blue jobs, service jobs and digital jobs.

Links to initiatives that the Embassy supports: