The International Monetary Fund (IMF) in its updated review of the world economy (World Economic Outlook Update, WEO), released in early October, increased the forecast of GDP growth of Turkmenistan in 2016-2017 compared with the previous his assessments.
So, in an October report, the IMF predicts GDP growth of Turkmenistan in the current year and next year at 5.4 percent. While released in April of this year, the World Economic Outlook report, the organization predicted GDP growth in Turkmenistan at the level of 4.3 percent in 2016 and 4.5 percent in 2017.
In November 2015, the experts of the IMF mission in Ashgabat issued a report in which he predicted that "considerable resources accumulated in the foreign exchange Reserve Fund and Stabilization Fund, will allow Turkmenistan to adapt to current challenges and will contribute to maintaining a high GDP growth rate is higher than in other countries in the region – for most likely a multi-year period of lower energy prices".
In particular, the IMF welcomed that the authorities of Turkmenistan have used the period of high prices for oil and natural gas to increase to more than twice income per capita by using scientifically-planned development of the hydrocarbon sector.
The conduct of this measure will allow to implement large-scale public investment, including in the social sphere. The statement noted the priorities identified by Turkmenistan on diversification and private sector development to create a more promising and in-demand jobs.
According to the report of BP, natural gas reserves Turkmenistan ranks fourth in the world and currently exports it to China and Iran. At the same time, the traditional buyer of Turkmen natural gas – Russia – 2016 has suspended its purchases.
Turkmenistan is gradually implementing the strategy of diversification of the national economy, dynamically developing oil and gas and chemical industry, textile industry, production of construction materials, conducts active work on creation of the electronic industry.