August 20, 2018

ADB releases new report regarding the economic development of Afghanistan

By Khaama Press - Thu Apr 12 2018, 6:29 pm

The Asian Development Bank (ADB) released its latest report regarding the economic development of Afghanistan, predicting a moderate economic growth of 2.5 percent in 2018.

Afghanistan’s economy is forecast to moderate to 2.5% growth in 2018 and 2019 due to the challenging security and political situations in the country, the report states.

The report further adds that the government needs to attract higher levels of private investment to help boost economic growth, create more jobs, and reduce the country’s dependence on donor support.

ADB noted that preliminary gross domestic product (GDP) growth for Afghanistan in 2017 was 2.5%, up only slightly from 2.4% in 2016, as a tenuous political situation and worsening security limited economic growth. ADO is ADB’s flagship annual economic publication.

“Despite major impediments, Afghanistan is working to increase its growth momentum, boost infrastructure development, and transform the country to a more services-driven economy,” said Samuel Tumiwa, ADB Country Director for Afghanistan.

He also added that “ADB, as Afghanistan’s leading partner in infrastructure and regional cooperation, will continue to work alongside the government to ensure ADB projects make an impact in reducing poverty and encouraging growth.”

According to the report, domestic revenue collection rose by 11.2% to 169 billion Afghani ($2.43 billion) in 2017 and exceeded the target set under an International Monetary Fund Extended Credit Facility arrangement.

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