Turkmenistan assigned to Upper Middle Income Country status by WB

Turkmenistan, Ashgabat, Oct. 15 /Trend H.Hasanov/

Turkmenistan is assigned to Upper Middle Income Country Status by the World Bank (WB), a message of WB Vice-President on Europe and Central Asia Filipp Le Ueru to Turkmen President Gurbanguli Berdimuhamedow says.

"Allow me to congratulate you and the Government of Turkmenistan with assignment of Upper Middle Income Country Status, according to the classification of the World Bank. This is due to the high stability of economic growth, successfully maintained for more than a decade," the message says.

The development of new partnership strategy between World Bank group and Turkmenistan is in process.

The partnership strategy is developed in accordance with the outcome of the meeting held on May 28, 2012, and, according to WB representative, is designed to promote, "achievement of goals on further welfare improvement of Turkmen people due to implementation of initiatives to diversify and modernize the economy, accept challenges linked with climate change, and improve the professional education."

The World Bank is cooperating with the Ministry of Finance, the Central Bank of Turkmenistan and other ministries and departments.

"Let me take this opportunity to reiterate the commitment of the World Bank's support for development and reforms in your country. Wish you and the Government of Turkmenistan success in the implementation of planned reforms, aimed to the progressive development of the country's economy", Ueru noted.

Turkmenistan has significant natural gas reserves and is one of the key players in the energy market in the Caspian region. At the same time, the government adopted a policy of diversification of the national economy by increasing oil and gas refining industry, textile,growth of electricity export.

In their recent report International Monetary Fund (IMF) noted that direct economic spillovers to Turkmenistan from the euro area crisis are likely to remain limited.

IMF noted that the economy performed well in 2011 and the first half of 2012. Increasing gas exports to China and a surge in public investment enabled a strong gross domestic product (GDP) growth of 14.7 percent in 2011.

With record growth in gas export volumes and prices, and a surge in oil prices, export revenue surpassed the pre-crisis level.

The current account swung into surplus, and official reserves remained at a comfortable level, supporting the stability of the manat. Headline inflation increased from 4.8 percent (end-of-period) in 2010 to 5.6 percent in 2011, but moderated to 3 percent in June 2012.

In 2012−13, real GDP growth is projected to remain strong, at about 8 percent. Greater hydrocarbon exports would strengthen the external position further. Inflation is expected to remain in single digits.

IMF says fiscal policy was somewhat loosened in 2011 as the non-hydrocarbon fiscal deficit widened by one percentage point to 48 percent of the non-hydrocarbon GDP, but is projected to improve slightly in 2012−13.

High levels of public investment, while aiming at increasing productive capacity, continues to pose challenges to public finance management.

Developing a dynamic private sector as envisaged in the national development program will require improving governance and the business climate and increasing the role of the private sector in resource allocation in the economy.

Subscribe to Trend in Google News! Subscribe
Pentagon chief says US values Georgia as strategic partner
Pentagon chief says US values Georgia as strategic partner
U.S. manufacturing output declines in September
U.S. manufacturing output declines in September
Banks to start connecting Mir cards to Google Pay from October 26
Banks to start connecting Mir cards to Google Pay from October 26
Loading Bars
Turkish President congratulates Azerbaijan on Independence Restoration Day
Tigray forces say air strikes hit Ethiopia's Mekelle, government denies
Czech president too ill to work, politicians discuss relieving him of duties
PMs discuss Belarus-Kazakhstan economic cooperation
Pentagon chief says US values Georgia as strategic partner
Azerbaijan's flag illuminated on TV tower in Georgia due to anniversary of restoration of Azerbaijan's independence (PHOTO)
Iran unveils details of its trade turnover with Oman
Bahar Azadi gold coin price continues to fall in Iran
Iran’s Lavan Oil Refining Company reveals products on sale at IRENEX
Post Bank of Iran sees increase in revenues
Price of Turkmen gas supplied to China grows - Wood Mackenzie
Turkey's Presidential Administration congratulates Azerbaijan on Independence Restoration Day
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,245 more COVID-19 cases, 409 recoveries
Georgia and US sign Memorandum of Understanding
Uzbekistan Railways expanding transport, logistics co-op with sea and dry ports
Azerbaijan to hold new auction for state property facilities
Saudi fast-food franchise operator Alamar Foods considers IPO
French ambassador makes statement on occasion of Azerbaijan's Independence Restoration Day
German companies interested in expanding economic co-op with Azerbaijan
EU has exported over 1 bln COVID-19 vaccines
U.S. manufacturing output declines in September
Azerbaijan issues startup certificates to more SMEs
Uzbekistan’s private airline launches flights from Tashkent to Moscow
Iran eyes resuming import of Turkmen gas
Azerbaijan's Khudafarin bridge in Jabrayil district - finally liberated (PHOTO)
Azerbaijan’s renewable energy potential exceeds installed capacity fourfold
Kazakhstan to extend food import substitution measures amid COVID-19
Ukraine has every capability to restore infrastructure of Azerbaijan’s liberated territories – MP
Playtech acquired for $3.7b
Total value of Azerbaijan's oil export abroad up in 9M2021
Georgia to further develop relationship with Azerbaijan - Georgian MFA
EU Special Representative for South Caucasus to visit Azerbaijan
Iran records decrease in production of raw steel, steel products
Weekly review of Azerbaijani precious metals market
Turkish MoD congratulates Azerbaijan with its Independence Restoration Day
Ukrainian companies may partake in construction, restoration of Azerbaijan’s Aghdam – MP
Azerbaijan's announces drastic increase in car imports for 9M2021
Pan-European Executive MBA designed specifically to integrate holistic approach to business (VIDEO)
NATO ready to support ensuring peace in South Cacasus region - special rep
Non-OPEC oil output to more than half from 2020 levels
Weekly review of Azerbaijani currency market
Iran reveals COVID-19 data for October 18
Israel and Azerbaijan are great allies and partners, who have common interest in region – former Israeli MP
European renewables generation to exceed 6,000 TWh
Over 60% of total investment to be spent on developing new oil & gas fields
Iran’s NICICO boosts extraction and production
Azerbaijan Automobile Federation organizes 'Time Attack' race (PHOTO)
Azerbaijan's foreign trade turnover increases in 9M2021
Year passes since Azerbaijan's liberation of Khudaferin bridge from Armenian occupation (PHOTO/VIDEO)
EU gas production falls by 8%
Share of renewables in EU power generation mix decreased
North Carolina declares Oct. 18 as Day of Restoration of State Independence of Azerbaijan
MUSIAD aims to raise trade turnover between Azerbaijan and Turkey (VIDEO)
EU gas consumption reaches highest level in last seven years
EIB, EU Commission ink deal on financing for alternative fuels infrastructure projects
Armenia’s failure to provide minefield maps to Azerbaijan impedes restoration work in liberated territories - FM
Azerbaijan sees no effective steps from Armenia in opening transport links - minister
Azerbaijan recommends revanchist forces not to go down wrong path - PM
TAP updates on progress in market test
Azerbaijan stands for normalizing relations with Armenia in post-conflict period based on int'l law - FM
Turkey reveals cargo traffic with Netherlands for 8M2021
Master plans for Zangilan, Gubadli, Kalbajar and Lachin being prepared, will be done without taking any loans - Azerbaijani president
Khudaferin Bridge is proof of talent of Azerbaijani people - President Ilham Aliyev (VIDEO)
Physical gas flows, nominations at TAP’s interconnections
Great leader Heydar Aliyev returned to power at request of the people, then threat of losing independence again was prevented - president
Azerbaijan boosts gas exports
People of Azerbaijan tirelessly walked towards this victory - President Aliyev
Turkish FM tweets on marking Day of Restoration of Azerbaijan's Independence
Iranian currency rates for October 18
Kazakhstan sees rise in gold jewelry price
IRICA shares data on Iran’s export to neighboring countries
Azerbaijan gives update on mine clearance work on its liberated lands
Azerbaijan calls for urgent interim measures against Armenia
Bank of Georgia allocates funds to back project at local construction company
In villages of Fuzuli, each house will have at least 12 acres of land - president
Azerbaijani First VP Mehriban Aliyeva shares post related to October 18 - Independence Restoration Day on Instagram (PHOTO)
Banks to start connecting Mir cards to Google Pay from October 26
Kazakhstan reveals main objectives of national agro-industrial complex project until 2025
Qatari companies might participate in restoration of Azerbaijan's liberated territories - FM
Gas price in Europe down to $980 per 1,000 cubic meters as trading opens
President Ilham Aliyev receives Turkish minister of labor and social security
President Ilham Aliyev receives delegation led by Deputy Prime Minister of State of Qatar
When I shared news of liberation of Fuzuli, whole world saw that we would complete our glorious mission - Azerbaijani president (FULL SPEECH)
Israel and UAE nearing free trade agreement
Coal’s share in Other non-OECD Asia’s generation mix to reach 50% in 2050
Iran increases raw steel exports
Azerbaijan prevents attempt to violate maritime state border (PHOTO)
Azerbaijani Cabinet of Ministers to soon issue proposals on raising social payments
Azerbaijan’s shares data on GDP growth for 9M2021
Uzbekistan, Tajikistan resume bus transportation
Iran's IRENEX discloses sales of Persian Gulf Fajr Energy Company
Georgia shares data on COVID-19 cases for October 18
Iran's Energy Exchange announces products to be on sale on October 18
Our historic victory - beginning of new era in development of both our country, region as whole - President Aliyev
It is far more difficult to preserve independence than to gain it - President Aliyev
Azerbaijan, Qatar sign agreement on mutual abolition of visas
President Ilham Aliyev addresses nation on occasion of 30th anniversary of restoration of independence
Press conference of Azerbaijani, Qatari FMs (PHOTO/VIDEO)
Weekly review of trading at Turkmenistan's commodity exchange
All news