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Turkmenistan, IMF review country's economy sectors positively impacting GDP growth

Finance Materials 21 January 2021 10:20
Turkmenistan, IMF review country's economy sectors positively impacting GDP growth

BAKU, Azerbaijan, January 21

By Jeila Aliyeva - Trend:

Turkmenistan and the International Monetary Fund (IMF) discussed issues of both the country's macroeconomic development and certain sectors of the national economy that had a positive impact on the dynamics of GDP growth, Trend reports with reference to Turkmenistan’s State News Agency.

The discussions were held during an online meeting of representatives of Turkmenistan and the IMF on January 20, 2020.

Despite the negative impact of the global coronavirus pandemic, the national economy of Turkmenistan operates in the same mode, which allows maintaining high GDP growth rates, the report says.

This is facilitated by large, medium, and small enterprises that have been put into operation in recent years, where a variety of products are produced, intended both for domestic consumption and exported, as well as new jobs.

According to the information, private entrepreneurship plays an important role in the sustainable development of the national economy of Turkmenistan.

As earlier Natalia Tamirisa, IMF Mission Chief for Turkmenistan told Trend, Turkmenistan has ample reserves and a relatively low public debt stock, which leave some room for accommodative policies, which can help mitigate the adverse effect of the crisis on the economy without jeopardizing longer-term sustainability.

“Turkmenistan has put in place strict administrative restrictions on social gatherings as well as local and international travel,” added Tamirisa.

She said that while energy commodities play a central role in the Turkmen economy, the relatively low reliance on tourism and other contact-intensive sectors, as well as remittances, mitigates the adverse impact from the pandemic compared to other countries in the region.

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Follow the author on Twitter: @JeilaAliyeva

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