IMF publishes Turkmenistan's economy forecast for 2020

By Trend

The International Monetary Fund (IMF) predicts Turkmenistan’s economy growth at 6.3 percent for 2019, while six-percent growth is forecast for 2020, Trend reports referring to the World Economic Outlook report.

The inflation is expected to reach 13.4 percent in Turkmenistan in 2019 and 13.0 percent in 2020.

As IMF mission reported in April this year, more moderate rates of the state investments and bank lending and more active use of currency regulation measures influenced Turkmenistan’s economic growth in 2018, which led to a reduction of demand and import in private sector.

"Strengthening of competitiveness and improving of currency convertibility, the transition to the market economy and building human capital are essential to achieve sustainable, diversified and inclusive growth without increasing external imbalances," the IMF said.

According to the IMF mission, increasing transparency and improving economic statistics will help attract private foreign and domestic investments and improve access to finance, as well as facilitate decision-making and build confidence in them.

Turkmenistan, according to a BP report, ranks fourth in terms of natural gas reserves in the world and currently exports it to China and Russia.