The Asian Development Bank predicts Turkmenistan's GDP growth at 6.5% in 2023, which is the highest among Central Asian countries, Trend reports.
In its Asian Development Outlook report, ADB writes that Turkmenistan's economic growth in 2024 will be 6%.
“This forecast assumes higher capital expenditures and continued strong demand for hydrocarbon exports. Oil and gas production and exports will continue to grow strongly during this period, with prices expected to remain high and export volumes to increase. Meanwhile, activity outside the large hydrocarbon economy will continue to depend on state support for state-owned enterprises and private firms involved in import substitution, as well as on export promotion programs," the report said.
Meanwhile, in its September report, the ADB projected Turkmenistan's GDP growth at 5.8% in 2023.
ADB noted that Turkmenistan's GDP growth reached 6.2% in 2022, reflecting an increase in hydrocarbon exports, mainly natural gas, at higher prices and growing domestic demand for goods after the end of the COVID-19 pandemic.
The government of Turkmenistan forecasts the GDP growth of Turkmenistan in 2023 at the level of 6.5%.
CentralasianLIGHT.org
April 10, 2023