Afghanistan Development Update, October 2015
More frequent incidences of violence in Afghanistan, as well as delays in the elections process and cabinet formation, continued to fuel uncertainty and affected investor confidence in 2014 and the first half of 2015. Economic growth slowed to 1.3...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/10/25218611/afghanistan-development-update-october-2015 http://hdl.handle.net/10986/22931 |
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okr-10986-22931 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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AUCTION PLEDGES MONETARY POLICY DEFICIT WITHDRAWAL DEPOSIT REGULATORY FRAMEWORK SECONDARY TRADING EQUIPMENT DEPOSITS BROAD MONEY FOREIGN DIRECT INVESTMENTS FINANCIAL MANAGEMENT STOCK INFORMATION SYSTEM INTEREST OPTION EXCHANGE ECONOMIC DEVELOPMENTS BALANCE OF PAYMENTS LIQUIDITY DEVELOPING COUNTRIES REVENUES PORTFOLIO LOAN INVESTMENT ACTIVITIES TAX INCOME TAX BUDGETING RESERVE INFLATION INTERNATIONAL BANK PENSION INSTRUMENTS SAFETY NETS BUDGET BANK LENDING CENTRAL BANK MACROECONOMIC STABILITY INTERNATIONAL FINANCE HUMAN RESOURCE TRADE BALANCE SUKUK CURRENCY LEGISLATIVE FRAMEWORK MARKET DEVELOPMENT EXPORT GROWTH TELECOMMUNICATIONS LONG- TERM COST INCOME INEQUALITY INFLATIONARY PRESSURES TAX REGIME TRADING RECURRENT EXPENDITURES FLEXIBLE EXCHANGE RATE MONETARY FUND CASH RESERVES CAPITAL OUTFLOWS CAPITAL NOTES DEBT MARKETS PRIVATE INVESTMENT INTERNATIONAL DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS INCOME LEVELS CASH RESERVE LOANS INVESTMENT OPPORTUNITIES RESERVES INVESTMENT STRATEGY LEGAL FRAMEWORK FINANCE BANKING SECTOR FISCAL DEFICIT EXPENDITURE QUALITY OF ASSETS NATIONAL SECURITY HUMAN CAPITAL FOREIGN EXCHANGE RESERVES INTEREST PAYMENTS GOOD TAX RATE TRANSPARENCY FUTURE PENSIONS MOBILE PHONE INVESTOR CONFIDENCE INTEREST PAYMENT EXPENDITURES DISBURSEMENTS PROPERTY MARKET POLITICAL UNCERTAINTY FOREIGN EXCHANGE SECURITIES EXPORTER BALANCE OF PAYMENT INSURANCE ECONOMIC DEVELOPMENT TAX CODE CURRENCY DEPRECIATION GOODS INVESTOR SECURITY FINANCIAL MARKET INVESTMENT COMMERCIAL BANKS INVESTMENT PORTFOLIO SHARE INVESTMENT CLIMATE POVERTY FINANCIAL MARKETS INVESTMENT ACTIVITY REVENUE PRIVATE INVESTMENTS EXTERNAL DEBT TAX POLICY OUTSTANDING AMOUNT INVESTMENTS LENDING CHILD LABOR TRUST FUND MATURITIES EXCHANGE RATE GOVERNMENT INVESTMENT INSTRUMENT BANKING LAW DIRECT INVESTMENTS COMMODITY PRICES LIABILITIES ARREARS GUARANTEE NONPERFORMING LOANS DEBT RELIEF HUMAN DEVELOPMENT |
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AUCTION PLEDGES MONETARY POLICY DEFICIT WITHDRAWAL DEPOSIT REGULATORY FRAMEWORK SECONDARY TRADING EQUIPMENT DEPOSITS BROAD MONEY FOREIGN DIRECT INVESTMENTS FINANCIAL MANAGEMENT STOCK INFORMATION SYSTEM INTEREST OPTION EXCHANGE ECONOMIC DEVELOPMENTS BALANCE OF PAYMENTS LIQUIDITY DEVELOPING COUNTRIES REVENUES PORTFOLIO LOAN INVESTMENT ACTIVITIES TAX INCOME TAX BUDGETING RESERVE INFLATION INTERNATIONAL BANK PENSION INSTRUMENTS SAFETY NETS BUDGET BANK LENDING CENTRAL BANK MACROECONOMIC STABILITY INTERNATIONAL FINANCE HUMAN RESOURCE TRADE BALANCE SUKUK CURRENCY LEGISLATIVE FRAMEWORK MARKET DEVELOPMENT EXPORT GROWTH TELECOMMUNICATIONS LONG- TERM COST INCOME INEQUALITY INFLATIONARY PRESSURES TAX REGIME TRADING RECURRENT EXPENDITURES FLEXIBLE EXCHANGE RATE MONETARY FUND CASH RESERVES CAPITAL OUTFLOWS CAPITAL NOTES DEBT MARKETS PRIVATE INVESTMENT INTERNATIONAL DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS INCOME LEVELS CASH RESERVE LOANS INVESTMENT OPPORTUNITIES RESERVES INVESTMENT STRATEGY LEGAL FRAMEWORK FINANCE BANKING SECTOR FISCAL DEFICIT EXPENDITURE QUALITY OF ASSETS NATIONAL SECURITY HUMAN CAPITAL FOREIGN EXCHANGE RESERVES INTEREST PAYMENTS GOOD TAX RATE TRANSPARENCY FUTURE PENSIONS MOBILE PHONE INVESTOR CONFIDENCE INTEREST PAYMENT EXPENDITURES DISBURSEMENTS PROPERTY MARKET POLITICAL UNCERTAINTY FOREIGN EXCHANGE SECURITIES EXPORTER BALANCE OF PAYMENT INSURANCE ECONOMIC DEVELOPMENT TAX CODE CURRENCY DEPRECIATION GOODS INVESTOR SECURITY FINANCIAL MARKET INVESTMENT COMMERCIAL BANKS INVESTMENT PORTFOLIO SHARE INVESTMENT CLIMATE POVERTY FINANCIAL MARKETS INVESTMENT ACTIVITY REVENUE PRIVATE INVESTMENTS EXTERNAL DEBT TAX POLICY OUTSTANDING AMOUNT INVESTMENTS LENDING CHILD LABOR TRUST FUND MATURITIES EXCHANGE RATE GOVERNMENT INVESTMENT INSTRUMENT BANKING LAW DIRECT INVESTMENTS COMMODITY PRICES LIABILITIES ARREARS GUARANTEE NONPERFORMING LOANS DEBT RELIEF HUMAN DEVELOPMENT World Bank Afghanistan Development Update, October 2015 |
| geographic_facet |
South Asia Afghanistan |
| description |
More frequent incidences of violence in
Afghanistan, as well as delays in the elections process and
cabinet formation, continued to fuel uncertainty and
affected investor confidence in 2014 and the first half of
2015. Economic growth slowed to 1.3 percent in 2014, down
from 3.7 percent a year earlier. Unlike in previous years,
agriculture did not contribute much to growth in 2014.
Production levels were high for a third year in a row but
did not supersede the strong output in 2013. Growth was
mainly driven by services and a slight expansion of
industries where an increase in construction activities
outweighed lower production in manufacturing. Private
investment activities showed strong signs of slowdown in
2014, evidenced by a drop of nearly 50 percent in new firm
registrations since 2012. The National Unity Government has
embarked on an ambitious reform agenda to revitalize the
economy, tackle corruption, and improve investment climate.
However, it will take time for these reforms to have an
impact, and it is yet unclear how much they will mitigate
the high risks stemming from the fragile security
environment. Growing trends in security and pension and wage
spending over the medium term require immediate attention.
Afghanistan faces significant financing shortages for both
civilian and security spending. Therefore, securing
continued high levels of donor financing over the coming
years is of critical importance for fiscal stability in the
country. The fragile security environment and financing
constraints, compounded by weak governance capacity, pose
serious challenges to service delivery in Afghanistan. Any
setback in reform implementation would further slowdown the
pace of human capital accumulation in Afghanistan and reduce
future prospects of growth and poverty reduction. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Afghanistan Development Update, October 2015 |
| title_short |
Afghanistan Development Update, October 2015 |
| title_full |
Afghanistan Development Update, October 2015 |
| title_fullStr |
Afghanistan Development Update, October 2015 |
| title_full_unstemmed |
Afghanistan Development Update, October 2015 |
| title_sort |
afghanistan development update, october 2015 |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/10/25218611/afghanistan-development-update-october-2015 http://hdl.handle.net/10986/22931 |
| _version_ |
1764452626986958848 |
| spelling |
okr-10986-229312021-04-23T14:04:12Z Afghanistan Development Update, October 2015 World Bank AUCTION PLEDGES MONETARY POLICY DEFICIT WITHDRAWAL DEPOSIT REGULATORY FRAMEWORK SECONDARY TRADING EQUIPMENT DEPOSITS BROAD MONEY FOREIGN DIRECT INVESTMENTS FINANCIAL MANAGEMENT STOCK INFORMATION SYSTEM INTEREST OPTION EXCHANGE ECONOMIC DEVELOPMENTS BALANCE OF PAYMENTS LIQUIDITY DEVELOPING COUNTRIES REVENUES PORTFOLIO LOAN INVESTMENT ACTIVITIES TAX INCOME TAX BUDGETING RESERVE INFLATION INTERNATIONAL BANK PENSION INSTRUMENTS SAFETY NETS BUDGET BANK LENDING CENTRAL BANK MACROECONOMIC STABILITY INTERNATIONAL FINANCE HUMAN RESOURCE TRADE BALANCE SUKUK CURRENCY LEGISLATIVE FRAMEWORK MARKET DEVELOPMENT EXPORT GROWTH TELECOMMUNICATIONS LONG- TERM COST INCOME INEQUALITY INFLATIONARY PRESSURES TAX REGIME TRADING RECURRENT EXPENDITURES FLEXIBLE EXCHANGE RATE MONETARY FUND CASH RESERVES CAPITAL OUTFLOWS CAPITAL NOTES DEBT MARKETS PRIVATE INVESTMENT INTERNATIONAL DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS INCOME LEVELS CASH RESERVE LOANS INVESTMENT OPPORTUNITIES RESERVES INVESTMENT STRATEGY LEGAL FRAMEWORK FINANCE BANKING SECTOR FISCAL DEFICIT EXPENDITURE QUALITY OF ASSETS NATIONAL SECURITY HUMAN CAPITAL FOREIGN EXCHANGE RESERVES INTEREST PAYMENTS GOOD TAX RATE TRANSPARENCY FUTURE PENSIONS MOBILE PHONE INVESTOR CONFIDENCE INTEREST PAYMENT EXPENDITURES DISBURSEMENTS PROPERTY MARKET POLITICAL UNCERTAINTY FOREIGN EXCHANGE SECURITIES EXPORTER BALANCE OF PAYMENT INSURANCE ECONOMIC DEVELOPMENT TAX CODE CURRENCY DEPRECIATION GOODS INVESTOR SECURITY FINANCIAL MARKET INVESTMENT COMMERCIAL BANKS INVESTMENT PORTFOLIO SHARE INVESTMENT CLIMATE POVERTY FINANCIAL MARKETS INVESTMENT ACTIVITY REVENUE PRIVATE INVESTMENTS EXTERNAL DEBT TAX POLICY OUTSTANDING AMOUNT INVESTMENTS LENDING CHILD LABOR TRUST FUND MATURITIES EXCHANGE RATE GOVERNMENT INVESTMENT INSTRUMENT BANKING LAW DIRECT INVESTMENTS COMMODITY PRICES LIABILITIES ARREARS GUARANTEE NONPERFORMING LOANS DEBT RELIEF HUMAN DEVELOPMENT More frequent incidences of violence in Afghanistan, as well as delays in the elections process and cabinet formation, continued to fuel uncertainty and affected investor confidence in 2014 and the first half of 2015. Economic growth slowed to 1.3 percent in 2014, down from 3.7 percent a year earlier. Unlike in previous years, agriculture did not contribute much to growth in 2014. Production levels were high for a third year in a row but did not supersede the strong output in 2013. Growth was mainly driven by services and a slight expansion of industries where an increase in construction activities outweighed lower production in manufacturing. Private investment activities showed strong signs of slowdown in 2014, evidenced by a drop of nearly 50 percent in new firm registrations since 2012. The National Unity Government has embarked on an ambitious reform agenda to revitalize the economy, tackle corruption, and improve investment climate. However, it will take time for these reforms to have an impact, and it is yet unclear how much they will mitigate the high risks stemming from the fragile security environment. Growing trends in security and pension and wage spending over the medium term require immediate attention. Afghanistan faces significant financing shortages for both civilian and security spending. Therefore, securing continued high levels of donor financing over the coming years is of critical importance for fiscal stability in the country. The fragile security environment and financing constraints, compounded by weak governance capacity, pose serious challenges to service delivery in Afghanistan. Any setback in reform implementation would further slowdown the pace of human capital accumulation in Afghanistan and reduce future prospects of growth and poverty reduction. 2015-11-10T17:15:35Z 2015-11-10T17:15:35Z 2015-10 Report http://documents.worldbank.org/curated/en/2015/10/25218611/afghanistan-development-update-october-2015 http://hdl.handle.net/10986/22931 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work South Asia Afghanistan |