Medium-term economic prospects remain favorable in Turkmenistan

Medium-term economic prospects remain favorable in Turkmenistan

Ashgabat, Turkmenistan, May 15

By Huseyn Hasanov- Trend:

The medium-term growth prospects of Turkmenistan's economy remain favorable within the current model of development in terms of growth of gross domestic product (GDP), fiscal revenues and external sustainability, taking into account the gas reserves in the country, according to the analytical article of the Eurasian Development Bank (EDB).

EDB is an international financial institution established by Russia and Kazakhstan in January 2006. A number of CIS countries are also participants of the bank.

The Turkmen leadership faces many difficult challenges in terms of long-term perspectives. It tries to take them into account in its policy, according to the report.

"The special attention is paid to the statements of strengthening the role of the private sector in the economy, the adoption of the privatization program for 2013-2016, great interest in joining the World Trade Organization (WTO)," according to a statement. "The focus was also on the efforts on developing the non-bank component of the financial system, the desire on holding the monetary reform, reduction of subsidies (including gas)."

Turkmenistan's GDP growth increased and hit 10.8 percent on an annualized basis in the fourth quarter of 2013, while 10.2 percent as of the year, according to the bank.

"Against the background of less favorable external environment, (slowdown in Russia and China, the weak recovery in Europe, the decline in natural gas prices), the state's economic policy was the main factor of the growth," EDB said.

Moreover, the Eurasian Development Bank pointed out that the growth of capital investments amounted to 7.1 percent (46.4 percent of GDP) as of 2013.

The inflation level in Turkmenistan stood at six percent as of 2013, according to the Eurasian Development Bank.

The EDB underscored that in the long-term perspective, the country's government faces many challenges that it attempts to integrate in its policy.

Currently, Turkmenistan is able to export natural gas to China, Iran and Russia.

Turkmenistan plans to construct Trans-Caspian gas pipeline under the Caspian Sea to Europe through Azerbaijan and Trans-Afghanistan gas pipeline to India through Pakistan.

Turkmenistan ranks fourth for its natural gas reserves after Russia, Iran and Qatar, according to BP report. The largest fields of Turkmenistan are concentrated in the Mary region in the country's east with total resources estimated by local geologists and British GCA at 26.2 trillion cubic meters.

Edited by C.N.

Israel reports no COVID-19 death cases for 4 consecutive days
Israel reports no COVID-19 death cases for 4 consecutive days
Israel limits coronavirus cellphone surveillance to 'special cases'
Israel limits coronavirus cellphone surveillance to 'special cases'
Israeli anti-viral mask maker Sonovia eyes Nasdaq listing this year
Israeli anti-viral mask maker Sonovia eyes Nasdaq listing this year
Loading Bars
Latest
Uzbekistan increasing fuel production
Turkish president makes phone call to Azerbaijani president
TAV Airports look to turn Kazakhstan's Almaty into regional cargo hub
Turkmenistan, Turkey lay emphasis on co-op in trade, humanitarian sectors
Oil prices not to recover to pre-coronavirus levels as quickly as they fell
Kazakh national postal service operator to buy liquefied gas via tender
Uzbekistan lifts some restrictions to boost construction work countrywide
Azerbaijani oil prices for May 18-22
Iran's Khatunabad copper smelter’s production increases
Kazakhstan sees positive signs with its trade volume with Europe
Iran partially pays subsidies to construction company as part of Mehr Housing Project
Kazakhstan closes off Karachaganak field as COVID-19 cases reported
Iran- Iraq trade via Parviz Khan customs checkpoint resumes
MFA: Armenian PM’s congratulations on occasion of Ramadan - highest level of hypocrisy
COVID-19 cases in Uzbekistan increase to 3,180
FM: Azerbaijan, Turkey - together in joy and sorrow
Cement exports from Turkey to Kyrgyzstan fall sharply
Iran's watermelon exporters in Turkey face dilemma, as business suffers
Iran's foreign currency policy slows down exports
Kazakhstan’s oil producing company to buy pipes via tender
Armenia violates ceasefire with Azerbaijan 23 times
Iran Khodro breaks production record despite COVID-19 pandemic
Georgian banks' net profit up
Aston Martin chief to leave, Mercedes-AMG CEO to replace him
Iran allows high-risk businesses to re-open, with new health rules in place
Chamber of Commerce talks Iranian-Tajik trade amid COVID-19
Onshore oil, gas and condensate fields in Azerbaijan
Iran warns of health protocol as COVID-19 cases soar in some provinces
TANAP consortium talks on creation of operator company
Thailand reports 2 new coronavirus cases, 1 more death
Kyrgyzstan reports 30 new COVID - 19 cases, 1433 in total
Armenia ranks 6th with number of daily confirmed COVID-19 cases per million people
Number of COVID-19 cases surpasses 8,500 in Kazakhstan
BSTDB President: Azerbaijan has substantial buffers to mitigate COVID-19 impact on economy
Syrian troops destroy terrorist unit in southwest of Raqqa province
Chinese mainland reports no new domestically transmitted COVID-19 cases
S. Korea reports 16 more cases of new coronavirus, total at 11,206
U.S. COVID-19 death toll nears 100,000, New York Times calls it "incalculable loss"
White House limits travel to U.S. from Brazil due to coronavirus
Italy's COVID-19 death toll rises by 50 to 32,785
Coronavirus could cost Mexico a million jobs: president
UK COVID-19 deaths rise to 36,793 as another 118 patients die
Israel reports no COVID-19 death cases for 4 consecutive days
5.8-magnitude quake jolts Wellington, New Zealand
Spain's coronavirus death toll rises to 28,752
British PM Boris Johnson defends adviser over apparent breach of lockdown rules
India domestic flights to resume, but coronavirus cases rise
Singapore reports 548 COVID-19 cases
Oil demand projected to drop by more than 10% for 2020
Number of COVID-2019 cases across globe up by over 101,000 in past day - WHO
First Vice-President Mehriban Aliyeva extends Ramadan congratulations to the people of Azerbaijan (PHOTO)
Azerbaijani, Turkish FMs hold phone conversation
Areas-supplied with irrigation system to increase in Iran's Sistan and Baluchestan province
Turkey: Coronavirus recoveries at nearly 120,000
Azerbaijan discloses number of coronavirus tests
Israel limits coronavirus cellphone surveillance to 'special cases'
Hong Kong police arrest at least 180 rioters, several officers injured
Iran starts to provide public transport with dual fuel
Peru registers 115,754 COVID-19 cases with 3,373 deaths
5.3-magnitude quake hits 122km SW of Mapastepec, Mexico
Hong Kong police fire tear gas as thousands protest security law
Russian COVID-19 cases increase to 344,481
Azerbaijan confirms 140 new COVID-19 cases, 101 patients recover
Iran and Turkey may open borders soon
Iran's Esfahan Oil Refining Company discloses amount of spending
Azerbaijani president extends Independence Day greetings to King of Jordan
Metallurgical production surges in Azerbaijan
Production of industrial pipes to surge in Azerbaijan
Over 90% of US investments in Azerbaijan account for oil and gas industry
Iran reveals COVID-19 data for May 24
Facilities to be commissioned at airports of Iran's Mazandaran province
EBRD supports Azerbaijan’s tea industry
Apartment prices up in Iran’s capital
Ministry: Iran's mining sector can be alternative to oil sector
Ecosystem of startup projects developing successfully in Azerbaijan
New committee set up in Iran's Ministry of Industry, Mine and Trade
Goureh-Jask pipeline to accelerate Iran's oil exports
Iran announces volume of cargo loaded and unloaded in ports
Azerbaijan’s Agricultural Insurance Fund develops requirements for founders of management company
Anglo Asian Mining PLC talks about projects on existing fields
Peru registers 115,754 COVID-19 cases with 3,373 deaths
5.3-magnitude quake hits 122km SW of Mapastepec, Mexico
Armenia violates ceasefire with Azerbaijan 22 times
ADB reveals planned loans to be allocated for Azerbaijan in 2020-2022
Afghan Taliban announces 3-day ceasefire during Eid al-Fitr festival
Buenos Aires lockdown extended until June 7 after rise in coronavirus cases
China state planner confident consumption to show improvement in May
Vatican Museums, Holy See's cash cow, to reopen from June 1
5.6-magnitude quake hits Mid-Indian Ridge
Fossil of one of the last megaraptors on the planet found in Argentina
Moroccan king pardons 483 prisoners
Rome exhibition marking 500 years since Raphael's death to reopen in June
World Cup winner Goetze to leave Dortmund at end of season
No change to two-meter social distancing rule in Ireland: PM
Spain sees falls in new COVID-19 deaths, cases
Iran parttakes online at NAM summit to combat COVID-19
Azerbaijani IT company talks production of disinfection device
Azerbaijan increases alternative energy production
Azerbaijan’s Central Bank should conduct dialogue with all insurers, says expert
Azerbaijan's statistical committee reveals production data for industrial sector
All news