What type of Economy will Somalia likely have?

[Coeus]

Free market. Somalis need to be free to flourish.



How about government? It should have american style constitution written up with three branches of government- the legistlative, the executive and the judicial.

American style? I wouldnt agree on that. Big goverments leave room for more corruption and useless money spending. Small effective goverment consisting of educated diasporas and locals should be desired. Also eldeers should be included in big decision makings, and they should hold the goverment accoutable for every action that they take.

[Coeus]

Yes that is what i mean. No i dont study economy in UNI. But i am very interested of economy, i read books about the topic. Its like a hobby. I just finished upper secondary school this summer. So i wont be entering UNI until next year.

Back to the topic. I have noticed that it is in the Somali culture to be traders. But never manufacturers. I think manufacturing should be strongly advocated in Somalia. India and China has a long history of manufacturing and trading even back to before the colonial times, when the westerners used to love the chinese and indian goods (still do lol). I think culture plays a good role in a country economy. And our religion and culture can play a good positive role in economic policies and the shaping of a desirable society.

Yeah, somalis don't have a culture of manufacturing. But I think as soon as somalis in general become more educated they will be more open towards the idea of producing goods. Somalis are naturally curious, so it would be very easy - provided the money and the expertise is there - to establish research and technology institutions. Much like india is doing right now with IT and software and much like the east asians have been doing for decades with electronics and cars.

Agreed. By the way, do you know how to get acces to information regarding Somalias debt? Somalia cant take big loans from the IMF, due to high debt. So i was wondering how big that debt was.

[Cirwaaq]

Yes that is what i mean. No i dont study economy in UNI. But i am very interested of economy, i read books about the topic. Its like a hobby. I just finished upper secondary school this summer. So i wont be entering UNI until next year.

Back to the topic. I have noticed that it is in the Somali culture to be traders. But never manufacturers. I think manufacturing should be strongly advocated in Somalia. India and China has a long history of manufacturing and trading even back to before the colonial times, when the westerners used to love the chinese and indian goods (still do lol). I think culture plays a good role in a country economy. And our religion and culture can play a good positive role in economic policies and the shaping of a desirable society.

Yeah, somalis don't have a culture of manufacturing. But I think as soon as somalis in general become more educated they will be more open towards the idea of producing goods. Somalis are naturally curious, so it would be very easy - provided the money and the expertise is there - to establish research and technology institutions. Much like india is doing right now with IT and software and much like the east asians have been doing for decades with electronics and cars.

Lool Imagine being called a Metal beater, or a leather washer, shoe maker, stone cutter.. etc

Many skills are percieved as those assigned for a lower class.

[union]

A corrupt one based on foreign aid as long as we let the least educated lead.

[Coeus]

Yes that is what i mean. No i dont study economy in UNI. But i am very interested of economy, i read books about the topic. Its like a hobby. I just finished upper secondary school this summer. So i wont be entering UNI until next year.

Back to the topic. I have noticed that it is in the Somali culture to be traders. But never manufacturers. I think manufacturing should be strongly advocated in Somalia. India and China has a long history of manufacturing and trading even back to before the colonial times, when the westerners used to love the chinese and indian goods (still do lol). I think culture plays a good role in a country economy. And our religion and culture can play a good positive role in economic policies and the shaping of a desirable society.

Yeah, somalis don't have a culture of manufacturing. But I think as soon as somalis in general become more educated they will be more open towards the idea of producing goods. Somalis are naturally curious, so it would be very easy - provided the money and the expertise is there - to establish research and technology institutions. Much like india is doing right now with IT and software and much like the east asians have been doing for decades with electronics and cars.

Lool Imagine being called a Metal beater, or a leather washer, shoe maker, stone cutter.. etc

Many skills are percieved as those assigned for a lower class.

Yes, for some reason all the important professions are perceived as "low" and not "worthy" by Somalis. Im talking about, agricoulture, manufaturing, fishing industry, and mining. That is a mentality widespread in Africa and Middle east. And that is also a factor why these countries are lagging behind Europe and east Asia.

[udun]

Yeah, somalis don't have a culture of manufacturing. But I think as soon as somalis in general become more educated they will be more open towards the idea of producing goods. Somalis are naturally curious, so it would be very easy - provided the money and the expertise is there - to establish research and technology institutions. Much like india is doing right now with IT and software and much like the east asians have been doing for decades with electronics and cars.

Agreed. By the way, do you know how to get acces to information regarding Somalias debt? Somalia cant take big loans from the IMF, due to high debt. So i was wondering how big that debt was.

You are loosing it man if you are bringing IMF into the equation. We shouldn't be part of the IMF, World Bnk, and other orgs. Once you have gotten yourself involved in these orgs, that is when they dictate to you how you should run your economies. IMF was one of the orgs who are responsible the downfall of the Somali State, that is only if you know what happened in the past.

[Coeus]

Yeah, somalis don't have a culture of manufacturing. But I think as soon as somalis in general become more educated they will be more open towards the idea of producing goods. Somalis are naturally curious, so it would be very easy - provided the money and the expertise is there - to establish research and technology institutions. Much like india is doing right now with IT and software and much like the east asians have been doing for decades with electronics and cars.

Agreed. By the way, do you know how to get acces to information regarding Somalias debt? Somalia cant take big loans from the IMF, due to high debt. So i was wondering how big that debt was.

You are loosing it man if you are bringing IMF into the equation. We shouldn't be part of the IMF, World Bnk, and other orgs. Once you have gotten yourself involved in these orgs, that is when they dictate to you how you should run your economies. IMF was one of the orgs who are responsible the downfall of the Somali State, that is only if you know what happened in the past.

I did not mention that i wanted Somalia to take loans from the IMF. I just stated the fact that it is not possible for Somalia to take loans from IMF, because of Somalias high debt. That is why i wanted to know how high is this debt and now i know.

According to wikipedia. We owe money to soviet union, USA, East germany republic, China, bulgaria, UAE, Qatar, Saudi arabia, Iraq, and algeria. he debts to east germany and soviet union is written of because those nations dont exist no more.
Here is what is left of what we owe:

USA- $110 million
China- $87.2 million
Saudi Arabia- $81.9 million
Abu Dhabi- $67.0 million

Arab Fund for Economic and Social Development- $34.7 million
Kuwait- $27.1 million
And smaller amounts to Iraq, algeria. (no figures)

To the IMF we owe a total of a 140,907,332 holdings (SDR), if we convert them to dollars its 219848239.28 $
This figures is from october 31 2010 by the way. http://www.imf.org/external/np/fin/tad/ ... ry=CURRHLD

So how will this money be payed.

[eyes-only]

^ I can't believe we owe all that and nothing to show for it.
Although we could probably get most of it written off once we get a half decent government.

The only type of economy that will work in Somalia in the current situation is a free market economy with little to no interference from the government...Then once the whole political situation settles down, putting together a decent long-term economic plan to take the country forward. I think in the current situation, any government should stay away from acting like Siad Barre or thinking like they live in a socialist state and imposing taxes on people and businesses or taking too much control over the economy.

We have many natural resources, but without investment, security and the right plans....you may as well have no resources at all and rely on handouts forever.

[Coeus]

^ I can't believe we owe all that and nothing to show for it.
Although we could probably get most of it written off once we get a half decent government.

The only type of economy that will work in Somalia in the current situation is a free market economy with little to no interference from the government...Then once the whole political situation settles down, putting together a decent long-term economic plan to take the country forward. I think in the current situation, any government should stay away from acting like Siad Barre or thinking like they live in a socialist state and imposing taxes on people and businesses or taking too much control over the economy.

We have many natural resources, but without investment, security and the right plans....you may as well have no resources at all and rely on handouts forever.

All this money we borrowed were spent in Siad barres regime. After the 70´s he went total nuts and spent money like it was no tomorrow. Yes this money could be payed of, but only if the goverment is competent and makes a proper budget plan.

[SomaliGunner]

Yeah, somalis don't have a culture of manufacturing. But I think as soon as somalis in general become more educated they will be more open towards the idea of producing goods. Somalis are naturally curious, so it would be very easy - provided the money and the expertise is there - to establish research and technology institutions. Much like india is doing right now with IT and software and much like the east asians have been doing for decades with electronics and cars.

Agreed. By the way, do you know how to get acces to information regarding Somalias debt? Somalia cant take big loans from the IMF, due to high debt. So i was wondering how big that debt was.

You are loosing it man if you are bringing IMF into the equation. We shouldn't be part of the IMF, World Bnk, and other orgs. Once you have gotten yourself involved in these orgs, that is when they dictate to you how you should run your economies. IMF was one of the orgs who are responsible the downfall of the Somali State, that is only if you know what happened in the past.

IMF is the biggest problems to all this Third world country...IMF Gives Loads Bigger than the GDP... and IMF expect them to pay bak..lol Most these countries end up been forgive but can never get Load...Somali is been forgiven So is Iraq......

[The_Patriot]

Somalia was forgiven cos mission was accomplished.

Anyway Siyad Bare had no option. Even if he had seceded the Ogaden to Ethiopia the War would still be inevitable.

Its the war with Ethiopia that made it Bankrupt. Ethiopia quickly recovered from the war as it received a lot of aid than it had previously received even Gadaffi had given Mengistu US$2Billion- US$4Billion.

Somalia had to lick its own wound.

[SomaliGunner]

Somalia was forgiven cos mission was accomplished.

Anyway Siyad Bare had no option. Even if he had seceded the Ogaden to Ethiopia the War would still be inevitable.

Its the war with Ethiopia that made it Bankrupt. Ethiopia quickly recovered from the war as it received a lot of aid than it had previously received even Gadaffi had given Mengistu US$2Billion- US$4Billion.

Somalia had to lick its own wound.

LOL REMEMBER IF YOUR BADBOY THE WORLD COMMUNITY(IMF) DOESNT LOAD YOU.. GETTIN FANCIAL AID IS NOT BAD AT ALL BUT IT SUCK ONLY FEW GETS IT UNDER THE CHRISTIANITY UMPELA....

[Coeus]

Somalia was forgiven cos mission was accomplished.

Anyway Siyad Bare had no option. Even if he had seceded the Ogaden to Ethiopia the War would still be inevitable.

Its the war with Ethiopia that made it Bankrupt. Ethiopia quickly recovered from the war as it received a lot of aid than it had previously received even Gadaffi had given Mengistu US$2Billion- US$4Billion.

Somalia had to lick its own wound.

What do you mean when you say "forgiven"? Are you saying that Somalia was "pardoned" and dont have to pay back the debt?

[ciyaal_warta]

Will it most likely have a resource based economy, where we use up the Oil and the minerals. While 90% of the population is unemployed?

Or what type of economy will Somalia likely have? (Of course after al shabab is eradicated, might be this year or after 10 years)

mixed economy system like the malaysian one

[Somali_Boqor]

War waxaan firi. Somalia is the most under developed country in the world. Even Libera where they eat each other is doing much better than us. forget about india or Iran, it would take us 50 years just to catch up to burkina faso or zambia.