The economy of Turkmenistan among the countries of Central Asia will grow at the fastest pace in 2023. This is stated in the report published by the Asian Development Bank (ADB) on the state of the economy in the countries in which it implements its programs.

The bank expects the country's economic growth to reach 6% in 2023, Trend news agency reported, citing the Asian Development Outlook report.

“This forecast assumes higher capital expenditures and continued strong demand for hydrocarbon exports. Oil and gas production and exports will continue to grow steadily during this period, with prices expected to remain high and export volumes to increase. Meanwhile, activities outside the large hydrocarbon economy will continue to depend on government support for state-owned enterprises and private firms involved in import substitution, as well as export promotion programs,” the bank said in a report.

The Asian Development Bank 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.

We remind that in February 2023, President of Turkmenistan Serdar Berdimuhamedov instructed to increase the country's GDP growth in 2023 to 6.5%. Among the main tasks for 2023, the head of the Turkmen state called the creation of about 3 thousand new jobs through the construction of modern enterprises, an increase in the volume of foreign trade turnover to 19.4 billion US dollars and bringing the share of the private sector in the structure of the country's GDP (excluding fuel and energy complex) up to 71.3%.