Turkmenistan's gross domestic product could reach 7% in 2024, compared to 6.5% in 2023 and 6.2% in 2022, is the forecast of the European Bank for Reconstruction and Development (EBRD), which published its "Regional Economic Prospects" report in May.
Among Central Asian countries, Turkmenistan is second only to Kyrgyzstan, with a 7.2% forecast in 2024, compared to 7% in 2023 and 2022.
The information says that Turkmenistan, a key player in Central Asia's energy market, has produced and exported more natural gas than planned since early 2023.
"A new gas well became operational at Galkanysh, one of the world’s largest fields, during this period, facilitating a further expansion of gas extraction and exports".
The current geopolitical situation has increased Turkmenistan's importance as a transit country for cargo.
"Russia’s war on Ukraine created significant opportunities for Turkmenistan’s participation in new transport and communication projects in the region as it provides alternative access to the Caspian Sea and Iran".
The volume of transit cargo transported through the Seaport of Turkmenbashi increased by a factor of 2.5 in 2022, mainly due to the transit of petroleum products, chemical cargo, construction materials, metals, food, machinery, and spare parts.
Bank experts believe that the chance to take on a more significant role in facilitating trade between China, Iran, Central Asia, Türkiye, and southern Europe could pave the way for the gradual modernization of transportation networks and logistics capabilities in the country, including border management.
Eziz Boyarov, Ashgabat
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