Processes of formation of new economic model of Turkmenistan, which is integrated to the world system, mechanisms of reforms, achievements of our country in this field, are reflected on the pages of scientific and practical magazine “Finances and Economy”.
The magazine, founded by the Ministry of Finances and Economy and published in Turkmen, Russian and English languages once in two months, introduces steadfast measures for economic growth, creation of conditions for innovative business activity, directions of diversification of production section and ways of improvement of life level of the population to the readers.
New issue of the magazine is opened by editorial article “Objective for achievement of stable development” under the section “Presidential Programme in Action”.The article reflects the outcomes of work performed in different branches for the first quarter of the year and priority subjects proposed by Head of the State Gurbanguly Berdimuhamedov to the agenda of economic section including for attraction of investments, digitization and industrialization of the country.
The efficiency of economic strategy of the President of Turkmenistan are confirmed by the world financial structures, in particular by the International Monetary Fund, which mission has recently visited our country again.
By the results of the meetings with the management of ministries and departments, the experts of the IMF made analysis of financial and economic conditions, monetary and credit policy, implementation of economic reforms and other directions and composed preliminary findings and recommendation for forecast of the main macroeconomic indicators, which were reflected in special press release for the world community.
The magazine has published the main moments of the press release, which mentions that the increment of economic growth rate of Turkmenistan is expected up to 6.3 percent in 2019.
Further, the magazine narrates about new administration centre of Ahal Velayat, which construction was launched by President Gurbanguly Berdimuhamedov on April 10, 2019, in its permanent section “Regional Policy”.
The author of the article notes that significant work for construction of modern cities, developed etrap centres, settlements and new villages as well as the living on the mortgagee base has been expanded in our country starting from 2007 2008.
The Head of the State writes about it in his work “Turkmenistan on the way of achievement of the Sustainable Development Goals”, which means that the Sustainable Development Goals have started to be implemented on national level seven years prior to their official declaration by the world community.
In this context, the construction of new modern administration centre of Ahal Velayat in Gyoktepe etrap is also aimed at the implementation of the Sustainable Development Goal No. 11 Make cities inclusive, safe, resilient and sustainable in the conditions of Turkmenistan.
At the same time, the implementation of this grandiose project will give new impulse for the move forward in the management of the velayat as it will make all conditions for the application of advanced management methods and technologies.
Construction of new city in Ahal Velayat will form the most favourable economic, social and other prepositions for further development of production capacities of large region of the country, where dynamic process of industrial and innovative growth is going on at present time.
The publications of the magazine are continued by the section “Digital Economy”, which has an article “Qualitatively new milestone in the development”.The author states on the example of international practice that the higher is the indicators of using of information and communication technologies (ICT), the higher is the potential of the country in strengthening of own competitiveness in the world market.
Enhancement of the ICT share in the structure of the gross domestic product as well as further elimination of the differences in informative and digital provision of velayats, cities and settlements are among priority objectives.
The Concept of development of digital economy of Turkmenistan in 2019 2025, which reflects modern condition of the ICT sphere, goals, strategy, algorithm, instruments, financial provision and expected results of the implementation of this Concept in our country has been adopted for successful solution of these objectives.
It includes full integration to global digital economy and provision of the growth rates of the GDP on the level of not less than 8.2 percent by 2025.
The article cites the main advantage of digitization supporting the reduction of expenses in production and service sphere, improvement of work efficiency, expansion of the geography of trade and operative promotion of commodities in global markets and provision of their availability to consumers in any part of the world, detection of new profit forms, etc.
New specialization of Electronic Commerce and Economics of Electronic Business have been opened in Turkmen State Institute of Economy and Management.In addition, the work for the formation of educational programme of Digital Economy discipline, which would be introduced to educational plans for training of specialists, bachelors and masters, is carried out at present time.
Next article of new issue of Finances and Economy magazine is dedicated to modern strategy of development of securities market in Turkmenistan.This strategy is aimed at the formation of efficient mechanisms for attraction of investments, capital accumulation and its profitable, rational distribution between economic branches and business entities in the context of general Concept of the reformation of national financial system and national economy in general.
The article also notes the opportunity of active involvement of actual financial and market mechanisms and instruments for reorganization of the state facilities into joint stock ventures for steadfast accumulation and modernization of production base.
Further development of the stock market, which has significant economic potential, directly depends on overall condition of national economy, implementation of the reforms initiated by President Gurbanguly Berdimuhamedov in this field.
Detailed review of the condition and perspective of securities market in Turkmenistan allows drawing a conclusion that stable development of banking system supports financial stability, reliable protection of national economy from negative influence of unfavourable external impacts.
The volume of local investment on one hand and the level of successful attraction of foreign capital in the form of direct investments in the form of securities on another hand are determining factor of enforcement of the tendencies of middle-term development of national economy.
This subject is continued in the article “The Role of Tax Benefits in Stimulation of Securities Market”.Current issue of the magazine includes the articles of specialists on certain professional directions and subjects.
Articles of the magazine thoroughly review character features and tendencies of development of digital economy in the world, operation of free economic zones as an instrument for attraction of investments to the country, implementation of advanced technologies in statistic methods of study in Turkmenistan, improvement of insurance legislation of the country and other.
One of the articles analyses international practice of using of QR-codes in financial sector.Implementation of QR-code fast payment systems expanded in Turkmenistan will allow the implementation of flexible innovative projects as well as providing of modern and comfortable services to the population with saving of time and money.
The activities carried out by crediting institutes of our country are aimed at wide implementation of modern technologies of non-cash payment by people, as well as comfortable and efficient use of all benefits provided by these technologies.
Subject of digitization is highlighted in the article “About the Role of Information in Digital Economy”, which reviews the reforms from the point of view of new capabilities for technological, organizational and marketing innovations providing efficient integration of our state to the world economy.
The reader will also be interested to find such a concept as “cognitive economy”, which includes intellectual systems, management of skills and cognitive technologies as a direction of human activity.
The views, which entered modern economy, from the psychology at first, make reviewing rational approaches, which is announced by leading economic scientists today, Such direction as green economy, which takes into account the relations between economic growth and ecosystem in general, has appeared on this background in economic science.
New social and economic process noosphere development, under which the collaboration of the society and nature has to be based on the effect from knowledge and information, comes into force in this case.
Such vision makes foundation of all social and economic reforms of Turkmen leader, who implements innovative strategy based on resource saving technologies and natural protection criteria providing stable development of Turkmenistan.