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Tajikistan making steady progress in reducing poverty and growing its economy - ADB

Tajikistan Materials 29 November 2022 18:11 (UTC +04:00)
Tajikistan making steady progress in reducing poverty and growing its economy - ADB
Aygun Maherramova
Aygun Maherramova
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BAKU, Azerbaijan, November 29. Over the past decade, Tajikistan has made steady progress in reducing poverty and growing its economy, Trend reports citing the Asian Development Bank (ADB).

The ADB notes that between 2000 and 2018, the poverty rate in Tajikistan fell from 83 percent of the population to 27.4 percent, while the economy grew an average 7 percent annually.

After slowing to 4.5 percent in 2020 due to the COVID-19 pandemic, Tajikistan's GDP growth rebounded to 9.2 percent in 2021. A sharp increase in precious metal exports, a recovery in remittance inflows, and a pickup in private investment and consumption supported the rebound.

"Social and economic well-being severely deteriorated following the COVID-19 outbreak. The economy recovered quickly in 2021. However, the labor market remains weak and food insecurity more prevalent compared to pre-pandemic levels," the ADB said.

However, Tajikistan’s high vulnerability to climate change and natural hazards is an additional challenge to successful economic management. Between 1992 and 2016, climate-related disasters caused GDP losses of around $1.8 billion, affecting almost 7 million people.

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