A Literature Review: The Impact of COVID-19 Pandemic on Somaliland Economy

Abstract

COVID-19 pandemic has brought difficult situations for citizens of nations across the world. The impact however, may be more severe for others in the Third World Countries, who are in desperate situations and whose conditions may well further deteriorate if not put into considerations. While this pandemic affects different dimensions of life and society in general, this paper examines the impact of the outbreak COVID-19 pandemic on Somaliland Economy and analyzes the need for mitigation measures of this pandemic. The research methodology of this paper reviews secondary data which were collected through various magazines, articles, newspapers and published journals. The study focuses on descriptive research design and the sample design selected for this study which was illustrative. This study observed that COVID-19 is affecting the Somaliland economy through loss of jobs and other incomes, gradual recession and deterioration of public financial and private business sectors of the nation. The study discovers that for the recovery of the economy, certain mitigation measures and policy interventions must be administered, which includes health and social protection, fiscal policy and financial, industrial and trade policies. Therefore, the expected outcomes from administration of the policy instruments would be reduction in human suffering and the enhancement of the recovery of the economy from bankruptcy and recession.