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Afghan Economy’s Growth Rate Declined Compared to Last Fiscal Year

(Last Updated On: September 23, 2018)

Afghanistan’s economic growth will reach 2.4 percent in the current Fiscal Year which shows a slight decline compared to last Fiscal Year, the Ministry of Economy said Sunday.

According to the Ministry of Economy, the economic growth was estimated at 1.3 percent in 2015 (FY), 2.4 percent in 2016 (FY) and 2.6 percent in 2017 (FY). However, in the current Fiscal Year, the figure will decrease up to 0.2 percent.

The Ministry of Economy reasoning insecurity, drought, and elections behind the decline rate of the economic growth.

“The growth rate is being less compared to last year. Insecurity, drought, and elections are the issues which challenged the stability of the economic growth,” said Sohrab Bahman, Spokesman for the Ministry of Economy. “The economic growth was expected up to 3.0 percent this year but, will have 2.4 percent.”

However, Azarakhsh Hafizi, president of ECO Chamber of Commerce and Industries said that wrong policies of the government in last years have harmed the economy. He stressed that insecurity, weakness in the government, and lack of having effective economic strategies have caused the economic growth to be declined.

Some economic analysts believe that if the government does not increase the domestic products and does not find markets for the export of the products in the region, the economy will not grow.

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