AEIR 2017

Higher gas production, expansionary credit policy, and government support for sectors aside from hydrocarbons were the main growth drivers in 2017, with growth reaching 6.5% compared to 6.2% a year earlier. Hydrocarbon economy expanded by 4.3%, reversing 4.8% contraction in 2016, while non-hydrocarbon economy grew by 7.4%. Inflation was held at 8% by price and cash controls and current account deficit to 11.5% of GDP.

This year, the economy is set to grow at 6.2% and decelerate slightly to 6.0% in 2019, with an improved outlook for energy prices and continuous increase in hydrocarbon output and gas exports to the People’s Republic of China. The International Monetary Fund projects average annual inflation to reach 9.4% in 2018 from 8.0% last year. It is crucial for Turkmenistan to have highly skilled and technically qualified labor force to help diversify the economy and innovate the private sector. Development programs stress the importance of education and training for economic and industrial transformation.

Source: Asian Development Outlook 2018, and Asian Development Outlook 2018 Update, ADB.
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