The Asian Development Bank (ADB) predicts Turkmenistan’s GDP growth in 2023 at 6.5 percent, which is the highest among Central Asian countries. This is stated in the April review of the ADB, published on the bank’s website.
“This forecast assumes higher capital expenditures and continued strong demand for hydrocarbon exports. Oil and gas production and exports will continue to grow steadily during this period, with prices expected to remain high and export volumes to increase,” the ADB report says.
ADB noted that Turkmenistan’s GDP growth reached 6.2 percent in 2022, reflecting an increase in hydrocarbon exports, mainly natural gas, at higher prices and growing domestic demand for goods after the end of the COVID-19 pandemic. Hydrocarbon exports increased mainly to China, Azerbaijan and Iran.
