ADB discloses updated forecasts on Turkmen economy for 2019-2020
Ashgabat, Turkmenistan, Sept. 26
By Huseyn Hasanov – Trend:
The Asian Development Bank (ADB) predicts Turkmenistan’s gross domestic product (GDP) growth for 2019 at six percent, Trend reports referring to the updated Asian Development Outlook published in September.
The growth rate of the local economy will be at the level of 5.8 percent in 2020.
The inflation rate will reach 13.4 percent in Turkmenistan in 2019, 13.0 percent in 2020 (other forecasts were indicated in the April report, respectively, 9 percent and 8.2 percent), ADB said.
The government is expected to continue making efforts to reduce the inflation rate by maintaining a fixed exchange rate and administrative price control, supporting import substitution and limiting currency conversion, ADB said in April.
The GDP growth rate was maintained at 6.2 percent in Turkmenistan in 2018 compared to 6.5 percent a year earlier.
According to BP report, Turkmenistan ranks fourth in terms of natural gas reserves in the world and currently exports gas to China and Russia.