The efficiency of the economic policy pursued by Turkmenistan has been proved by the high expert evaluation of the authoritative international organisations and financial institutions, including the International Monetary Fund (OMF), the World Bank, the Asian Development Bank, etc.
Thus, the existing situation of the Turkmen economy and the results of the ongoing reforms on diversification of its branches were analyzed during a regular IMF mission this summer. The experts of the International Monetary Fund observed the significant progress in the economic development of our country. It was underlined that the reforms taken place in the banking sector in proper time allowed securing financial sustainability and stability of the socio-economic development of Turkmenistan, and the successive implementation of reforms in the credit and monetary, currency, tax and budgetary spheres created prerequisites for achieving high indicators of the national economy.
In this context the IMF predicts the GDP growth in 2012-2013 at the level of 108 percent that is ensured by a flexible investment policy of the state and significant volumes of foreign investments.
It was noted that diversification of the national economy allowed creating the multifunctional economic system that is able to solve the large-scale unprecedented tasks, develop the processing industries, modern infrastructure and the sphere of services at the high level as well as to encourage development of small and medium entrepreneurship. That promoted strengthening the competitive positions of Turkmenistan in the scale of global economy.
According to the IMF experts’ projections, the influence of the Eurasian crisis on the economy of Turkmenistan will be limited as before that is caused by the sustainability of the financial system of the country that provides an opportunity to counteract the negative impact of external factors and actively implements the investment policy aimed at accelerating the reproduction processes in all branches and spheres.
In general, the IMF mission came to the conclusion that the most favorable prospects for growth and increasing the export potential are opened up before the economy of Turkmenistan given the existing demand at the world markets. According to the experts of the International Monetary Fund, the further implementation of the macroeconomic and market reforms will establish a reliable foundation for substantial diversification of the Turkmen economy at the world level.
It was also noted that within several years, the State budget of Turkmenistan has been executed with significant surplus. Along with it, the share of the oil and gas complex in the spectrum of tax revenues reduces, whereas the role of the branches of the processing industry of the non-hydrocarbon sector of the national economy increases. The share of the non-governmental sector of the national economy in the general volume of tax revenues into the state budget also increases and makes up 20 percent at present.
The increasing dynamics of cooperation with the leading international organizations, including the United Nations Organization (UN), the Organization for Security and Cooperation in Europe (OSCE), the World Bank serves as a factor for increasing the authority of our country at the world arena. The balanced foreign-policy strategy and constructive international initiatives put forward by Turkmen leader Gurbanguly Berdimuhamedov with the aim to integrate the regional and global economic relations rank Turkmenistan among the states able to influence on the global processes and decisions. All this turn our country into the centre, an original ‘transcontinental economic bridge’ that attracts business interest, investments and innovations, advanced technologies and progressive experience that vividly testifies to the determination of Turkmenistan to make a global economic breakthrough.
Thus, the existing situation of the Turkmen economy and the results of the ongoing reforms on diversification of its branches were analyzed during a regular IMF mission this summer. The experts of the International Monetary Fund observed the significant progress in the economic development of our country. It was underlined that the reforms taken place in the banking sector in proper time allowed securing financial sustainability and stability of the socio-economic development of Turkmenistan, and the successive implementation of reforms in the credit and monetary, currency, tax and budgetary spheres created prerequisites for achieving high indicators of the national economy.
In this context the IMF predicts the GDP growth in 2012-2013 at the level of 108 percent that is ensured by a flexible investment policy of the state and significant volumes of foreign investments.
It was noted that diversification of the national economy allowed creating the multifunctional economic system that is able to solve the large-scale unprecedented tasks, develop the processing industries, modern infrastructure and the sphere of services at the high level as well as to encourage development of small and medium entrepreneurship. That promoted strengthening the competitive positions of Turkmenistan in the scale of global economy.
According to the IMF experts’ projections, the influence of the Eurasian crisis on the economy of Turkmenistan will be limited as before that is caused by the sustainability of the financial system of the country that provides an opportunity to counteract the negative impact of external factors and actively implements the investment policy aimed at accelerating the reproduction processes in all branches and spheres.
In general, the IMF mission came to the conclusion that the most favorable prospects for growth and increasing the export potential are opened up before the economy of Turkmenistan given the existing demand at the world markets. According to the experts of the International Monetary Fund, the further implementation of the macroeconomic and market reforms will establish a reliable foundation for substantial diversification of the Turkmen economy at the world level.
It was also noted that within several years, the State budget of Turkmenistan has been executed with significant surplus. Along with it, the share of the oil and gas complex in the spectrum of tax revenues reduces, whereas the role of the branches of the processing industry of the non-hydrocarbon sector of the national economy increases. The share of the non-governmental sector of the national economy in the general volume of tax revenues into the state budget also increases and makes up 20 percent at present.
The increasing dynamics of cooperation with the leading international organizations, including the United Nations Organization (UN), the Organization for Security and Cooperation in Europe (OSCE), the World Bank serves as a factor for increasing the authority of our country at the world arena. The balanced foreign-policy strategy and constructive international initiatives put forward by Turkmen leader Gurbanguly Berdimuhamedov with the aim to integrate the regional and global economic relations rank Turkmenistan among the states able to influence on the global processes and decisions. All this turn our country into the centre, an original ‘transcontinental economic bridge’ that attracts business interest, investments and innovations, advanced technologies and progressive experience that vividly testifies to the determination of Turkmenistan to make a global economic breakthrough.