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Afghan GDP Predicted to Contract -5.0% Due to COVID-19: ADB

Asian Development Bank stated on 15 Sept 2020 that the Afghan GDP will face a decline to -5.0% in regards to COVID-19, security issues, and political challenges.

“The COVID-19 pandemic has had a significant impact on Afghanistan’s economy in the first half of 2020,” said ADB Country Director for Afghanistan Narendra Singru.

He added, based on the projection Afghanistan will be evident to positive growth if Intra-Afghans talks are successful and developing partners remain committed at the upcoming Afghanistan conference 2020.

The head of the Asian Development Bank (ADB) in Afghanistan says, the bank has so far provided $42 million to Afghanistan to fight the coronavirus and is ready to further support the country with an additional $100 Million.

“Average inflation in the first 6 months of 2020 more than doubled from 2.5% a year earlier to 5.3%, as food inflation jumped threefold on shortages caused by trade restrictions, border closures, and possibly hoarding” ADB statement read.

Reports indicate, that due to border closures, major cities lockdown has disrupted trades and transports that negatively affected industries and services in the country, the decline in household consumption, and investment will drive up unemployment, prevent businesses, lower exports, and imports and will badly affect government revenues.

Major risks will remain in ambiguity to continuous pandemic, unstable security, political situations, lack of investments, and natural conditions.

ADB is reportedly to remain supportive of a sustainable Asian and Pacific region.   

The post Afghan GDP Predicted to Contract -5.0% Due to COVID-19: ADB appeared first on The Khaama Press News Agency.

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