{"id":142159,"date":"2021-10-19T11:28:03","date_gmt":"2021-10-19T11:28:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=142159"},"modified":"2021-10-19T11:28:03","modified_gmt":"2021-10-19T11:28:03","slug":"afghanistans-economy-could-shrink-by-30-following-taliban-takeover-imf-says","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/afghanistans-economy-could-shrink-by-30-following-taliban-takeover-imf-says\/","title":{"rendered":"Afghanistan&#x27;s economy could shrink by 30% following Taliban takeover, IMF says"},"content":{"rendered":"<ul>\n<li>Afghanistan&#x27;s gross domestic product could see a contraction of up to 30% following the Taliban takeover, the IMF said in its latest regional economic report.<\/li>\n<li>&quot;These shocks could cause a 20\u201330 percent output contraction, with falling imports, a depreciating Afghani, and accelerating inflation,&quot; the report said.<\/li>\n<li>Jihad Azour, director of the IMF&#x27;s\u00a0Middle East and Central Asia department, said the country was deteriorating because of Covid and droughts, even before the Taliban seized power.<\/li>\n<\/ul>\n<p>Afghanistan&#x27;s gross domestic product could see a contraction of up to 30% following the Taliban takeover, the IMF said in its latest regional economic report.<\/p>\n<p>Jihad Azour, director of the IMF&#x27;s\u00a0Middle East and Central Asia department, said the country&#x27;s situation was deteriorating, even before Kabul fell.<\/p>\n<p>&quot;They were facing more than one shock \u2014 drought, Covid,&quot; he told CNBC&#x27;s Hadley Gamble. &quot;Therefore, what we foresee and fear is a sharp contraction.&quot;<\/p>\n<p>The report also noted that non-humanitarian aid has been halted, foreign assets mostly frozen and Afghan banks have been crippled by cash shortages after the Taliban returned to power.<\/p>\n<p>&quot;These shocks could cause a 20\u201330 percent output contraction, with falling imports, a depreciating Afghani, and accelerating inflation,&quot; the report said. &quot;The resulting drop in living standards threatens to push millions into poverty and could lead to a humanitarian crisis.&quot;<\/p>\n<p>Additionally, &quot;the turmoil is fueling a surge in Afghan refugees&quot; that could burden public resources in refugee-hosting countries, pressure the labor market and create social tensions, the IMF said, highlighting the need for assistance from the international community.<\/p>\n<p>The G-20 last week pledged to help tackle the crisis in Afghanistan.<\/p>\n<p>Azour said the IMF welcomes the international community&#x27;s scaled-up humanitarian aid, and said there should be a focus on education and health services.<\/p>\n<h2>Economic outlook<\/h2>\n<p>The International Monetary Fund also incrementally raised its outlook for the Middle East and North Africa region.<\/p>\n<p>It expects real GDP to grow 4.1% in 2021 and 2022, up 0.1 percentage points and 0.4 percentage points respectively from its April projection.<\/p>\n<p>In the Caucasus and Central Asia, real GDP is expected to grow 4.3% in 2021 and 4.1% in 2022.<\/p>\n<p>But the recoveries remain &quot;divergent&quot; and will be shaped by several factors including Covid-19 vaccination rates and high oil prices, the IMF predicts.<\/p>\n<p>&quot;Not all countries are growing at the same speed, and issues are still looming on the horizon,&quot; said Azour.<\/p>\n<p>Affluent countries in the region have been able to speedily vaccinate their populations against Covid, while lower-income nations have faced &quot;delayed and uneven&quot; deliveries of vaccines.<\/p>\n<p>Those that have higher vaccination rates will be more resilient to the emergence of new variants, the report said.<\/p>\n<p>&quot;We will not see good level of vaccination before mid 2022, which will also hurt the regional growth altogether,&quot; Azour said.<\/p>\n<p>He also said oil prices will benefit exporters but increase inflation, which will hurt low-income earners.<\/p>\n<p>U.S. crude futures were up 0.7% at $83.02 per barrel, while Brent crude futures\u00a0gained 0.56% to trade at $84.80 per barrel on Tuesday afternoon in Asia.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/10\/19\/afghanistan-economy-could-shrink-up-to-30percent-post-taliban-takeover-imf.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Afghanistan&#x27;s gross domestic product could see a<\/p>\n","protected":false},"author":3,"featured_media":142158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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