The European Bank for Reconstruction and Development (EBRD), in its May Regional Economic Prospects review, published its assessment of Turkmenistan’s GDP growth in 2023-2024.

Thus, the EBRD forecasts the GDP growth of Turkmenistan in real terms in 2023 at the level of 6.5%, in 2024 – at the level of 7%.

At the same time, bank experts note the significant contribution of the oil and gas sector of our country to stable GDP growth rates in 2022 and the first quarter of this year at the level of 6.2%.  According to experts, this result was achieved due to higher-than-planned production and export of natural gas.

The May review also notes the important role of one of the world’s largest gas fields, Galkynysh, where new wells are being commissioned, which contributes to the further expansion of production and export of Turkmen natural gas.

The EBRD also highlights the growing opportunities of Turkmenistan in regional cooperation in the field of transport.  In particular, it is noted that in 2022 the volume of transit cargo transported through the seaport of Turkmenbashi increased by 2.5 times, mainly due to the transit of oil products, chemicals, building materials, metals, food, machinery and spare parts.

The bank’s experts also note the important role of Turkmenistan in enhancing trade and economic cooperation between China, Iran, Central Asia, Turkey and Southern Europe, which is facilitated by the modernization of transport networks and improved logistics capabilities.