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Afghanistan's economy to grow at 3.1% in 2013 amidst security uncertainty

in Afghan Business

Afghanistan's economy to grow at 3.1% in 2013 amidst security uncertainty

world bankIn a recent report by the World Bank (WB), Afghanistan’s economic growth in 2013 is projected at 3.1%, down from 14.4% in 2012.

The increasing uncertainty stemming from political and security transition is cited as the main reason for the steep decline in economic growth.

“In the midst of these transition-related uncertainties and underperformance, Afghanistan’s leaders will need to stay focused on the country’s medium-term structural reform goals,” the report said.

These include: safeguarding sustainability by mobilizing revenue and securing grant assistance; supporting inclusive and job-creating post-transition growth by unlocking the potential of the agriculture and natural resource sectors and by tapping the potential of regional integration.

According to the report, the current government has shown a weak fiscal performance that has led to declining revenues. The report called on strengthening tax and customs administration and expediting the introduction and implementation of the planned value-added tax.

Overall the growth is slate to pick up again in 2015, with a growth rate of 5% projected during 2015-2016.

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