BAKU, Azerbaijan, November 24. The European Bank for Reconstruction and Development (EBRD) predicts that high gas prices contribute to the economic growth of Turkmenistan, Trend reports via the latest Transition Report from the EBRD.
According to the bank's report, real gross domestic product (GDP) grew by 6.2 percent year on year from January to September 2022, as the country’s exports added 50 percent in the first half of 2022 thanks to higher gas prices.
The EBRD believes that Turkmenistan's external positions have significantly strengthened. Increased gas prices are likely to further boost government revenues, contributing to the country’s borrowing capacity.
Turkmenistan is developing trade and transport relations with its neighbors. The country has agreed to develop bilateral trade, simplify the visa regime and ensure better transport connectivity with its neighbors, and the recently signed agreement on the construction of the China-Kyrgyzstan-Uzbekistan railway corridor opens up further opportunities for Turkmenistan as a transit hub to Europe via Türkiye and to India via Iran, the bank's report says.