Turkmenistan’s 2023 GDP Growth Expected To Be The Highest In Central Asia
The Asian Development Bank (ADB) has forecast GDP growth at 6.5% for Turkmenistan during 2023, the highest indicator among Central Asian countries, according to the banks latest Asian Development Outlook. ADB also predicts Turkmenistan’s GDP growth is expected to be 6% in 2024.
“This forecast assumes higher capital spending and continued strong demand for hydrocarbon exports. Oil and gas production and exports will continue to sustain growth during this period, with expectations of continued high prices and higher export volumes. Meanwhile, activity outside of the large hydrocarbon economy will continue to depend on government support for state-owned enterprises and private firms engaged in import substitution and on export promotion programs,” the bank said.
In its September 2022 report, ADB had predicted Turkmenistan’s 2023 GDP growth at 5.8%.
Turkmenistan’s GDP grew by 6.2% in 2022, reflecting increased exports of hydrocarbons, mainly natural gas, at higher prices and growing domestic demand for goods after the end of the COVID-19 pandemic.
The Turkmen Government also forecasts the growth of Turkmenistan’s GDP in 2023 at 6.5%.
Turkmenistan lies on the East Coast of the Caspian Sea and the country is becoming an intrinsic part of the Middle Corridor between East and West, with connections through to Europe and Central Asia, as well as to Iran, the Middle East and South Asia.