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Afghanistan’s Economy To Plummet By 3% & Poverty To Increase By 7%

in Afghan Business

Afghanistan’s Economy To Plummet By 3% & Poverty To Increase By 7%

Afghanistan’s economic growth will decline by 3% and poverty will increase by 7% this year due to the spread of the coronavirus, said Economy Minister Mustafa Mastoor.

Minister Mastoor made these remarks at a virtual summit entitled “Supporting the Revival of the Private sector in Central Asia Post COVID-19”.

“Given the spread of COVID-19 in the country, our economic growth is expected to plummet by 3% and poverty to go up from 54.5% to 61.5%,” said Minister Mastoor.

Mastoor added that the Ministry of Economy in cooperation with other relevant departments has prepared a package that focuses on supporting small and medium-sized enterprises in municipality taxes, easy loans, and electricity bills and rents. The package has been proposed to the Economic High Council and the Cabinet for approval.

Afghanistan’s economic growth had reached 3% in 1398 and a year before it was at 2.7%

Before COVID-19, Afghanistan’s economy was forecasted to grow by 0.5% during the 1399 fiscal year.

Photo Credit: BBC

Tags assigned to this article:
Afghanistan economic growthAfghanistna economy

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