The coronavirus pandemic and the associated lockdown have had a negative impact on the global economy, leading to an increase in unemployment and a decline in production in almost all countries.
Thanks to the forward-looking policy of the leadership of Turkmenistan, timely measures were taken that made it possible to maintain the stability of the country's economy and compensate for the negative impact of the pandemic in the national economy.
Yuri Aronsky, Chairman of the Union of Economists of Turkmenistan, member of the Coordination Council of the International Union of Economists, told CentralAsia.news about the role that accumulations in the composition of GDP, investments and industrial development played in this.
In Turkmenistan, from the very beginning of its independence, there was a high share of accumulation in the composition of GDP. Such a policy is inherent in all developing countries, which, according to their income, can afford such an investment policy. Therefore, despite the global crisis, Turkmenistan manages to achieve a certain sustainability of development and economic growth.
According to economic forecasts, which were optimistic at the beginning of the pandemic, 2021 was supposed to be the year of recovery from the global crisis after the coronavirus. However, to date, forecasts have changed, and based on realities and according to our more conservative estimates, the world will need another 2-3 years to fully recover the economy.
The pandemic also had an impact on the economy of Turkmenistan, as it affected such industries as tourism, transport communications, which in turn suffered financial losses due to the current situation in the world.
But despite this, industrial production did not stop in the country, the private sector was actively developing, in 2020 more than 12 thousand new jobs were created, 38 billion US dollars were invested, which made it possible to significantly offset the negative impact of the pandemic on the country's economy. And the implemented digitalization of all spheres of the economy not only increases the efficiency and competitiveness of enterprises, but also significantly increases the investment attractiveness of many industries and infrastructure facilities.
To transfer the economy to a full-fledged market, it is necessary to fulfill certain tasks, including a business assessment of all state and private enterprises, their corporatization and entry into the national stock exchange, a smooth transition from a fixed to a floating exchange rate, equal access to foreign exchange resources for enterprises of all forms of ownership and for the population of the country.
Now many of these issues are at the stage of study and practical implementation.
And today in Turkmenistan, thanks to the policy pursued that ensures socio-economic growth in conditions of peace and stability, there is a dynamic development of the national economy.