BAKU, Azerbaijan, November 24. The European Bank for Reconstruction and Development (EBRD) believes that Turkmenistan continues to demonstrate stable growth rates, Trend reports via the latest Transition Report from the EBRD.
The report mentions that according to Turkmenistan, from January through September of this year, the country's economy expanded by 6.2 percent year-on-year. The construction industry is booming, as reflected in manufacturing and services exceeding the government’s plan by 52.5 percent from January through July 2022.
It was noted that the customs administration of Turkmenistan reports a significant increase in exports of tomatoes and footwear. Overall, foreign trade turnover increased by 40.7 percent year-on-year, and retail trade turnover increased by 10.5 percent in the first nine months of 2022.
"Turkmenistan should further liberalise the foreign exchange market. Given its location at an important crossroads, Turkmenistan has an excellent opportunity to attract investment in additional transport and logistics corridors running through its territory, including railways, roads, sea transport, and logistics infrastructure," the bank's report says.