BAKU, Azerbaijan, April 4. Asian Development Bank (ADB) forecasts GDP growth at 6.5 percent in Turkmenistan in 2023, which is the highest indicator among Central Asian countries, Trend reports via the latest Asian Development Outlook.
At the same time, Turkmenistan's GDP growth is expected to be 6 percent in 2024.
"This forecast assumes higher capital spending and continued strong demand for hydrocarbon exports. Oil and gas production and exports will continue to sustain growth during this period, with expectations of continued high prices and higher export volumes. Meanwhile, activity outside of the large hydrocarbon economy will continue to depend on government support for state-owned enterprises and private firms engaged in import substitution and on export promotion programs," the bank said.
Meanwhile, in its September report, the ADB predicted Turkmenistan's GDP growth at the level of 5.8 percent in 2023.
ADB noted that Turkmenistan's GDP growth reached 6.2 percent in 2022, reflecting increased exports of hydrocarbons, mainly natural gas, at higher prices and growing domestic demand for goods after the end of the COVID-19 pandemic.
Government of Turkmenistan forecasts the growth of Turkmenistan's GDP in 2023 at the level of 6.5 percent.