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The September release of the European Bank for Reconstruction and Development (EBRD) Regional Economic Outlook report highlights the strong growth of Central Asian economies. The EBRD forecasts continued stable growth. Newscentralasia.net reports this.
In accordance with the report, Turkmenistan's economy grew by 6,2% year-on-year in the first half of 2023, helped by increased gas exports and strong domestic demand. Wages increased, which led to an increase in retail turnover.
Agriculture and manufacturing are growing thanks to import substitution policies.
Investments in fixed capital increased by 24,6%.
The report notes that Turkmenistan has recently established new air connections and increased cargo operations at the seaport, which has increased the country's transit attractiveness.
Thanks to higher tax revenues, the government budget reached a surplus of 2,3% of GDP in the first half of 2023.
According to EBRD forecasts, the country's economy will grow by 6,5% in 2023 and 7,0% in 2024, the source notes.