Turkmenistan may become leader in Central Asia in terms of economic growth in 2023

The Asian Development Bank (ADB) in its Asian Development Outlook-2023 report predicts that the growth of the gross domestic product of Turkmenistan in 2023 will be 6.5% compared to 6.2% in 2022 and 5.0% in 2021, Turanews.kz reports citing Orient.

This is the highest rate of economic growth in the Central Asian region for this year, while Kazakhstan is projected at 3.2%, Kyrgyzstan – 4.5%, Tajikistan – 5.5% and Uzbekistan – 5%.

“The projected growth in Turkmenistan’s revenues from hydrocarbon exports will help maintain the balance of the state budget this year and next,” the ADB report says.

The ADB report says that the growth of hydrocarbon production and exports contributed to the economic recovery in 2022: “The opening of borders, the gradual resumption of international flights, increased mobility within the country, the growth of trade and the revival in the services sector contributed to the expansion of the economy.”

Turkmenistan supplies its gas to China, Russia, Azerbaijan (through Iran) and Uzbekistan, and electricity to Afghanistan, Iran, Kyrgyzstan and Uzbekistan. The country also exports petroleum products, textiles, mineral fertilizers and food products.