The European Bank for Reconstruction and Development predicts the continuation of strong growth rates in Turkmenistan in the short term, with GDP growth of 6.5% in 2023 and up to 7% in 2024, according to the latest edition of EBRD report on regional economic prospects, published on 16 May.
” The Turkmen authorities continue to report remarkable growth rates, of 6.2 per cent in 2022 and in the first quarter of 2023, driven by higher than-planned natural gas production and exports,” the report says.
In January 2023, a new gas well was commissioned at Galkanysh, one of the largest fields in the world, which contributed to a further increase in gas production and exports.
The EBRD also notes significant opportunities for Turkmenistan’s participation in new transport and communication projects in the region against the background of the military conflict in Ukraine, since the country provides alternative access to the Caspian Sea and Iran.
“The road-based Southern Corridor through Turkmenistan and Iran has been rapidly gaining popularity among operators as it avoids the Caspian Sea,” the report emphasizes.
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.
According to the EBRD, the opportunity to play a more central role in serving trade between China, Iran, Central Asia, Türkiye and southern Europe could lead to a gradual modernization of the country’s transportation networks and logistics capabilities, including border management. ///nCa, 17 May 2023