Turkmenistan is among the fastest growing countries in the world

Turkmenistan has become one of the 18 countries of the world, demonstrating steady and rapid growth, as well as advancing the stable dynamics of world economic development. This is evidenced by a study conducted by experts of the McKinsey Global Institute - a division of an international consulting firm.

As noted in the study, Turkmenistan was included in the list of the most rapidly developing countries of the world along with China, Singapore, and the Republic of Korea.

Among the main factors that contributed to the accelerating growth of the economies of the countries included in the list, experts called targeted state policy to maintain this growth - to stimulate competition, as well as the rate of competitiveness of large companies.

Currently,Turkmenistan has the largest state-owned concerns in the region, such as Turkmengas, Turkmennebit, Turkmenchemistry and others that provide key export items for the country. Private sector enterprises are also developing at an intensive pace.

Assessing the economic development of the countries of Central Asia, McKinsey experts emphasize that Turkmenistan has become one of the countries in the region where there was practically no slowdown in economic growth, despite the global financial crisis.

Analysts also noted that, in general, the Central Asian states managed to avoid a “raw material curse” when countries trade exclusively in raw materials, refusing to diversify the production of high value-added goods.

In this regard, Turkmenistan is not limited to the development of the oil and gas sector only, but dynamically diversifies the national economy. The country is actively developing the power industry, construction, and light industry, in which thousands of new jobs are created.

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