WB discloses forecast on Turkmenistan’s GDP

Business Materials 13 January 2020 20:26 (UTC +04:00)

ASHGABAT, Turkmenistan, Jan. 13

By Huseyn Hasanov – Trend:

Turkmenistan's GDP growth will amount to 5.2 percent in 2020 compared to 5 percent in 2019, Trend reports referring to Global Economic Prospects published in January by the World Bank (WB).

“The foreign investments in Turkmenistan declined due to the problems in the foreign exchange market,” World Bank said earlier. “The authorities toughly controlled currency in international trade throughout 2018 and access to hard currency greatly declined in early 2018.”

"Market trends testify to an increase in the official rate of Turkmen manat," the WB said.

(The official rate of the Turkmen manat to $1 since January 2015 has remained at the level of 3.50 Turkmen manat).

Turkmenistan, according to a British Petroleum (BP) report, ranks fourth in terms of natural gas reserves in the world and currently exports it to China and Russia.

Ashgabat is looking for new gas export routes, at the same time, it is conducting large-scale diversification of the economy. Presently, the textile and oil products industries have advanced, the oil and gas chemical industries and the building materials' industry are actively developing.