Nassif, ClaudiaJoya, OmarSidonie Jaffrin, Guillemette2014-01-062014-01-062013-04https://hdl.handle.net/10986/16510One year into the transition process, Afghanistan sustains robust economic growth. An exceptional harvest, supported by the launch of first large-scale mining activities, increased real gross domestic product (GDP) growth from 7.3 percent to an estimated 11.8 percent in 2012. Inflation dropped to 6.4 percent and continuing high levels of aid helped to build up further international reserves. The medium-term outlook is tainted by uncertainty. Political and security uncertainties are expected to limit private-sector growth in the coming years. Increased public spending, however, will continue to fuel demand for services and construction through 2013. The transition process exposes Afghanistan to a number of serious risks, such as rising financing for public service provision. Security considerations aside, promoting sources of inclusive economic growth, especially agriculture, and strengthening domestic revenue mobilization will be important to mitigate some of these risks. In particular, a stronger reform effort in areas such as tax policy and customs is required to safeguard past gains in development. Finally, improvements in the legal and regulatory environment of mining could help to secure planned investment.en-USCC BY 3.0 IGOACCESS TO FINANCEACCOUNTABILITYACCOUNTINGADMINISTRATIVE PROCEDURESADVICE TO GOVERNMENTADVISORY SERVICESAGRICULTURAL OUTPUTAGRICULTURAL SECTORAGRICULTUREASSETSAUCTIONSAUDITSBALANCE OF PAYMENTSBANK FINANCINGBANK LENDINGBANKING LAWBANKING SECTORBANKING SYSTEMBANKRUPTCYBENCHMARKSBIDBINDING CONSTRAINTBRANCH NETWORKBROAD MONEYBUSINESS CONFIDENCECAPACITY BUILDINGCAPITAL INFLOWSCAPITAL STOCKCENTRAL BANKCIVIL SERVICECOMMERCIAL BANKCOMMERCIAL LOANCOMMERCIAL LOANSCOMMODITY PRICECOMMODITY PRICESCONSOLIDATIONCONSUMER CONFIDENCECORRUPTIONCPICREDIT ANALYSISCREDITSCROWDING OUTCURRENCYCURRENT ACCOUNTDEBT STOCKDECISION MAKINGDEPOSITDEPOSIT LIABILITIESDEPOSITSDEVELOPMENT ASSISTANCEDEVELOPMENT STRATEGYDONOR FUNDINGECONOMIC ACTIVITIESECONOMIC ACTIVITYECONOMIC AGENTSECONOMIC ANALYSISECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC OPPORTUNITIESECONOMIC OUTLOOKECONOMIC REFORMSECONOMIC SECTOR WORKECONOMICSEDUCATION LEVELSELECTRONIC PAYMENTELECTRONIC PAYMENT SYSTEMEMPLOYMENTENROLLMENTENVIRONMENTALEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXPLOITATIONSEXPORT EARNINGSEXPORTEREXPORTSEXTERNAL DEBTFAMILIESFAMILY BUSINESSESFARMERSFINANCIAL MARKETSFINANCIAL PRODUCTSFINANCIAL SECTORFINANCING NEEDFINANCING NEEDSFISCAL DEFICITFIXED INVESTMENTFLOATING EXCHANGE RATEFORECASTSFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE RESERVESGDP PER CAPITAGOVERNMENT BUDGETGOVERNMENT FINANCEGOVERNMENT INVESTMENTSGOVERNMENT SPENDINGGREEN REVOLUTIONGUARANTEE AGENCYHOLDINGSHOUSEHOLDSHUMAN CAPITALINCOME GROWTHINFLATIONINTERNAL CONTROLSINTERNATIONAL BANKSINTERNATIONAL DEVELOPMENTINTERNATIONAL DEVELOPMENTSINTERNATIONAL FINANCEINTERNATIONAL RESERVESINVESTMENT CLIMATEINVESTMENT FINANCINGINVESTMENT PORTFOLIOINVESTMENT VOLUMEISLAMIC BANKINGJUDICIAL REFORMLABOR FORCELABOR MARKETLACK OF INFORMATIONLOAN PORTFOLIOLOAN-TO-DEPOSIT RATIOLOCAL CURRENCYLOCAL ECONOMYLOSS OF CONFIDENCEM2MANDATESMICROFINANCEMICROFINANCE INSTITUTIONSMICROFINANCE SECTORMINESMONETARY CONTROLNATIONAL INCOMENATIONAL SECURITYNATURAL RESOURCESOILOPEN MARKETOPEN MARKET OPERATIONSOPERATING EXPENDITURESOUTREACHOUTSTANDING LOANSPHYSICAL CAPITALPLEDGESPOLITICAL ECONOMYPOPULATION GROWTHPRIVATE INVESTMENTPRIVATIZATIONPRODUCTION CAPACITYPRODUCTIVITYPRODUCTIVITY GROWTHPROFITABILITYPUBLIC FINANCEPUBLIC FINANCESPUBLIC INVESTMENTSPUBLIC SERVICE PROVISIONPUBLIC SPENDINGRATE OF RETURNREAL GDPREAL SECTORREGULATORY OVERSIGHTREMITTANCERESERVERESERVESREVENUE MOBILIZATIONRISK PERCEPTIONRULE OF LAWRURAL ACCESSSOURCE OF INCOMESUPPLY CHAINSSUSTAINABLE GROWTHTAXTAX POLICYTAX REVENUETECHNICAL ASSISTANCETELECOMMUNICATIONSTERMS OF TRADETOTAL DEBTTRADE BALANCETRADE DEFICITTRADINGTRANSPARENCYTREATYTRUST FUNDURBAN DEVELOPMENTWAGESWHOLESALE PRICESWITHDRAWALWorld Bank10.1596/16510