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Turkmenistan's GDP To Grow By 6.5% In 2017 – The IMF Forecast

Sunday, June 18, 2017 - 03:17

According to the experts of the International Monetary Fund, this year the volume of Turkmenistan's gross domestic product will increase by 6.5 percent. This forecast of the growth of the Turkmen economy was published by the international financial regulator on the basis of the results of the IMF delegation's working visit to the country, as well as on the results of the consultations of the Fund's representatives with their Turkmen counterparts in late May. As specifically noted in the document, the economy of Turkmenistan continues the process of adaptation to the negative economic external factors: primarily to the low prices for hydrocarbon raw materials and the inhibition of macroeconomic indicators among the country's trading partners.

 

According to the IMF financiers, the main achievements of the Turkmen national economy were the stability of GDP growth that remained above 6 percent during the past few years. In addition, the fixed budget deficit is kept at a low level of about 1.25 percent. According to the IMF, this can also be considered a good indicator.

 

According to the press release of the International Monetary Fund, it was possible to achieve high macroeconomic indicators due to the government's implementation of a sound economic policy. The international financiers gave a positive assessment of the results of measures aimed at increasing the export potential of the Turkmen productive industry and the overall course towards import substitution.

 

As expected, in 2017 and the next several years, the inflation rate will remain “moderate enough” in Turkmenistan, standing at the level of about 6 percent. According to the foreign economists, the fixed exchange rate is economically justified at this stage of the country's development.



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