EBRD Expects Turkmenistan’s GDP to Grow 7% This Year

BUSINESS TURKMENISTAN
EBRD Expects Turkmenistan’s GDP to Grow 7% This Year
The bank forecast the Turkmen economy to grow by 6 percent next year.

The European Bank for Reconstruction and Development (EBRD) expects the real GDP of Turkmenistan to grow by 7 percent in 2022, according to its latest Regional Economic Prospects (REP) report, published on Wednesday.

Among the drivers of the Turkmen economy in the foreseeable future, the bank listed a strong focus on import substitution activities, neutrality and elevated global natural gas prices.

The bank forecast the Turkmen economy to grow by 6 percent next year.

“Turkmenistan has a healthy fiscal balance, supported by elevated gas revenues and low public debt,” the EBRD said in its report.

The bank added that the country “continues efforts to strengthen international trade, as reflected in a recent decision on joining the International North-South Corridor, as well as agreements to develop bilateral trade, simplify visa regimes, and improve transport connectivity.”

In its report, the EBRD forecast the GDP of Central Asian region to increase by 4.3 percent on average in 2022 and 4.9 percent in 2023, which is an upward revision of its spring forecast.

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