Asian Development Bank and Turkmenistan: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Turkmenistan as well as concise information on ADB's operations in the country and contact information. Official data indicates growth in Turkmenistan has been relatively robust in recent years, supported by higher gas prices renegotiated with the Russian Federation, and an expansion in gas exports. However, while the oil and gas industry has supported the economy, the cotton crop has experienced shortfalls for a number of years. In the medium term, the country will remain dependent on exports of energy products, which heavily influence state revenues. In order to diversify its export base and achieve more broadbased and sustainable economic growth, the Government has taken measures to reform the foreign exchange system, education, health, information and technology, and social protection sectors to make them more efficient and effective. The Government is also trying to further open up the economy to external investors. Reforms are needed in the areas of private sector participation, and transparent management of the oil and gas fund.