World Economy

Turkmen Growth Projected at 6.5%

Turkmen Growth Projected  at 6.5%Turkmen Growth Projected  at 6.5%

The executive board of the International Monetary Fund concluded the Article IV consultation  with Turkmenistan. The country, a major natural gas producer, continues to adjust to a difficult external environment, including persistently low hydrocarbon prices and slower economic activity in trading partners, Akipress reported. Growth has been stable at above 6% over the past couple of years, supported by rising natural gas export volumes to China, expansionary credit policies, and industrial policies to substitute imports and promote exports. The state budget deficit was small at 1¼% of GDP last year, but the current account deficit has widened to 21% of GDP. Macroeconomic performance of the Turkmen economy is expected to remain uneven over the next several years, with continued growth, moderate inflation, and a balanced budget, but persistent external pressures. Growth is projected to accelerate slightly from last year’s 6.2% to 6.5% in 2017. Inflation is forecast to remain moderate at about 6%, and the state budget is expected to stay close to balance. 


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