Turkmenistan's GDP growth is expected to be 6.5 percent in 2023, the highest among Central Asian countries, Trend news agency reported with reference to the latest Asian Development Bank Outlook.
“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” the bank said in its report.
ADB forecasted 5.8% GDP growth in Turkmenistan in 2023 in its September 2022 report.
According to the ADB, Turkmenistan’s GDP growth reached 6.2 percent in 2022, reflecting increased hydrocarbon exports, primarily natural gas, at higher prices and growing domestic demand for goods following the end of the COVID-19 pandemic. Hydrocarbon exports increased primarily to China, Azerbaijan and Iran.
The European Bank for Reconstruction and Development (EBRD) forecasts Central Asian economies to grow 4.9 percent in 2023 and 5.4 percent in 2024, the strongest growth among the regions the bank works in.