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AKIPRESS.COM - Growth in Turkmenistan is projected to rise slightly to 6.5% in 2017 and 7.0% in 2018, led by government investment, strong FDI, and consumption, both public and private, the Asian Development Bank (ADB) said in its Asian Development Outlook 2017.
An expected recovery in global energy prices should boost income and fiscal revenue.
On the supply side, a recovery in hydrocarbons is projected to help industry expand by 4.0%–5.0%, supported by growth in food processing, agro-industry, light industry, construction materials, and chemicals—all targets for import substitution.
"Growth moderated to 6.2% in 2016. While inflation also declined slightly, the current account deficit was wider, driven by higher service imports and lower hydrocarbon exports. Growth is projected to return to 6.5% in 2017 and accelerate to 7.0% in 2018, with some rise in inflation and a narrower current account deficit as prices for hydrocarbons improve. Private sector development is key to diversifying growth," the Bank said.