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country comparison to the world (CIA rank, may be based on non-current data): country comparison to the world (CIA rank, may be based on non-current data): Turkmenistan Economic Outlook July 7, 2020 Although official statistics paint a rosy picture of the economy in the first quarter and the authorities still claim that the coronavirus has not reached the country, the pandemic and its consequent containment measures abroad and at home likely dealt a heavy blow to activity in the first half of the year.
Low energy prices since mid-2014 are hampering Turkmenistan’s economic growth and reducing government revenues.
country comparison to the world (CIA rank, may be based on non-current data): 56 Turkmenistan’s economy will slow sharply in the coming months, due mainly to the Covid-19 (coronavirus) outbreak and impending global economic downturn. 97 country comparison to the world (CIA rank, may be based on non-current data): country comparison to the world (CIA rank, may be based on non-current data):
Turkmenistan claims substantial foreign currency reserves, but non-transparent data limit international institutions’ ability to verify this information. The external sector will provide the main growth headwinds, with a collapse in global energy prices restricting export revenue growth from Turkmenistan’s large oil and gas sector. 167
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At the same time, special attention is paid to cooperation with competent international financial structures. 181 Development of entrepreneurship, the Head of the State highlights, is productive way of improvement of competiveness and efficiency of national economy, expansion of its export capabilities.At the same time, President Gurbanguly Berdimuhamedov always points out the necessity of thoughtful, scientifically based marketing, system analysis of the world market situation for formation of flexible export policy of the country taking into account changing demand, regional and global trends.Speaking of digitization of the economy, use of various electronic systems and information networks including in trade and taxation, prevention of spread of counterfeit production will support to the integration of our country to international trade and economic and financial relations.Memorandum of Understanding on strategic partnership between the Ministry of Finances and Economy of Turkmenistan and SICPA SA (Switzerland), which is specialized in protective labelling s to serve to these purposes.Cooperation with one of the world leaders in this sphere will allow developing and implementing modern technologies in our country, which will be the base for formation of new digital sphere of trust for business relation and development of digital economy in general.Participation in international exhibitions and fairs gives good opportunities for filling of cooperation with foreign partners with specific content, for attraction of investments, establishment of close business contacts, implementation of joint projects. 160 Its overall score has decreased by 1.9 points due … International business contacts of the Union of Industrialists and Entrepreneurs of Turkmenistan were specified among signed agreements and in established wide relations with foreign partners.Here, big opportunities for establishment of cooperation are opened by digitization, owing to which is possible to make business and work efficiently with interested business circles from any part of the world.Positive development dynamics of trade and service sphere is a visual indicator of success of reformation of national economy.
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