Turkmenistan: IMF Forecasts Big Dip in Economic Growth
Turkmenistan is set to experience a notable slowdown in economic growth in the coming two years because of falling revenues from oil and gas sales, the International Monetary Fund said in a statement on November 10.
Ashgabat’s rosy self-assessments have long been echoed by reputable international bodies like the IMF, so the warning of an imminent change in fortunes could ring alarm bells.
The judgement followed a weeklong visit to Turkmenistan by the IMF, which was in the country for its regular assessment of economic developments and challenges ahead.
As is typical for the IMF, the statement began with the good news.
“Turkmenistan has experienced strong output growth over the past decade. The authorities used a period of high prices for oil and natural gas to more than double per capita income through well-planned development of the hydro-carbon sector,” the IMF mission chief Björn Rother said in the statement.
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