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, growth is forecast to remain at 6.5% and accelerate slightly to 6.7% in 2019, with an improved outlook for energy prices and continuous increase in hydrocarbon output and exports. Inflation is likely to remain at 8% in 2018 and 2019, assuming no further currency depreciation. 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, ADB.
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