According to forecasts of the Asian development Bank, Turkmenistan's GDP will grow by 6.5% in 2018 and by 6.7% in 2019. This is stated in the main statistical review Of the Bank "Asian development Outlook 2018" (Asian development Outlook 2018), according to the news Agency MEDIA-Turkmen ORIENT.
The further acceleration of the economic development of Turkmenistan is due to the improvement of prospects in the global energy market, the expected increase in the production and export of hydrocarbons, the growth of public investment and industrial progress.
State investments will continue to play an important role in the implementation of the sectoral plans contained in the presidential program of social and economic development for 2018-2024. This document provides for the implementation of major industrial projects in the extractive, chemical and metallurgical industries, as well as the development of regional social infrastructure.
In addition, the programme outlines a number of reforms aimed at facilitating the transition to a market economy, stimulating the private sector and accelerating the transformation of state-owned enterprises into joint-stock companies and private companies.
According to the report, the stability of the market supply will be mainly ensured by industrial growth, which is projected at 8-10% in 2018 and 2019.
Double-digit growth rates will also apply to the services sector. Annual growth in lending to private enterprises will accelerate to 18%. At the same time, supported price controls and currency control measures will limit inflation.
The report also notes a steady increase in the trade balance, while maintaining a positive balance in the coming years.
Import substitution issues will remain the focus of the government's agenda. ADB estimates that exports of Turkmen goods will exceed imports by 1.4 billion us dollars by 2019.
According to ADB economists, the increase in investments in higher and vocational education will have a positive impact on the increase in value added in agriculture and will help the development of high-tech non-carbon industries, including the services sector.
In addition, additional spending on higher education, both from public sources and through public-private partnerships, will improve its quality, stimulate research and innovation.
The annual publication Asian development Outlook analyzes the economic performance of 45 countries in the Asian and Pacific regions for the previous year and assesses prospects for the next two years. This year's review focuses on the impact of technology on employment.