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Afghanistan's Economy: On the Right Road, But Still a Long Way to Go

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Afghanistan's Economy: On the Right Road, But Still a Long Way to Go
Topic: Politics and Law 11:23 pm EST, Dec  3, 2007

Afghanistan has now laid the foundation for a market-based economy. A new economic system, based on the state as a regulator, not a producer, of goods, with a clear separation between the public and private sectors, stands in place of the centralized economy of the past. An independent central bank, a liberalized foreign exchange system, and laws permitting foreigners to wholly own property characterize the new economic landscape. A doubling of the gross national product and per capita income, a 13 percent growth rate in 2007, and modest inflation paint a vibrant picture.

Yet substantial challenges linger. Many of the problems Afghanistan’s economy faces are typical for those rebuilding after war: high prices from an immature system that lacks adequate private sector competition; resistance to change from a state-controlled system; the dearth of human capital; corruption; insecurity; and inequalities created by the market system itself. Critics also believe that the billions of dollars spent on Afghanistan by the international community have not had the expected impact.

Afghanistan's Economy: On the Right Road, But Still a Long Way to Go



 
 
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