Turkmenistan Reports 6.3% GDP Growth Amid Economic Reforms

Turkmenistan’s President, Serdar Berdimuhamedow, announced a 6.3% growth in the country’s GDP for this year during a national forum of the Turkmen People’s Council on September 23, according to the news outlet Orient.tm.

"The national economy is growing dynamically, as evidenced by stable GDP growth, which has been at 6.3% since the beginning of this year,” President Berdimuhamedow stated at the forum.

The Turkmen People’s Council, the highest representative body in the country, has authority over all branches of power, including the ability to amend the constitution, propose new laws, and shape government policy.

Berdimuhamedow highlighted the government’s focus on improving investment policy, emphasizing that investment projects are fueling regional development. He revealed plans to allocate $11 billion towards infrastructure and modernization efforts.

As part of the 2024 socio-economic development program, these funds will be used for constructing and upgrading industrial and social facilities. Although specific figures were not disclosed, the president stressed that significant investments are being made in education, healthcare, culture, and various industrial sectors.

Berdimuhamedow also discussed reforms aimed at enhancing the banking sector, stabilizing the national currency, and maintaining a steady monetary policy. He further announced a 10% increase in salaries and pensions, effective January 1.

At the same forum, Gurbanguly Berdimuhamedow, the Chairman of the People’s Council and the national leader, praised the ongoing “large-scale transformations” under President Serdar Berdimuhamedow’s leadership. He credited the successful implementation of socio-economic programs for boosting Turkmenistan’s economic power and global standing.

He also referenced the adoption of two key initiatives: the Strategy of Financial Market Development until 2030 and the National Program for Support of Small and Medium Enterprises. These reforms are expected to usher in a new era of economic development, with a focus on expanding the financial market and fostering entrepreneurship.

“The Development of the financial market and introduction of new types of entrepreneurship will be key tasks in the implementation of the new strategy, which will open new opportunities for growth and development of the country’s economy,” Berdimuhamedow said.

Turkmenistan’s economy is heavily dependent on natural gas exports, as one of the world’s largest producers. Recent years have seen increased gas exports, primarily to China and Russia, contributing significantly to the nation’s economic growth. The ongoing construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline is another key project aimed at diversifying its energy export markets.

In addition to its gas sector, the Turkmen government is actively pursuing economic diversification through major infrastructure projects, including the development of roads, railways, and airports to enhance connectivity and attract foreign investment.