ADB raises 2024 GDP growth outlook for Turkmenistan from 6% to 6.5%

ASHGABAT. April 11 (Interfax) - The Asian Development Bank (ADB) now expects Turkmenistan's GDP will grow 6.5% in 2024, according to the bank's Asian Development Outlook 2024.

The bank was forecasting 6% growth for Turkmenistan in its September report.

The latest GDP growth forecast for 2025 is 6%.

The bank forecasts inflation in Turkmenistan at 8% in 2024, unchanged from the September forecast; and 8% for 2025 also.

The ADB said the pace of Turkmenistan's GDP growth quickened slightly in 2023, mainly due to gas exports and public investment. Inflation slowed due to the tightening of credit policy and of state control of prices and exchange rates.

Turkmenistan's government says GDP grew 6.3% in 2023, up 0.1 percentage points from 2022. The socio-economic development program for 2024 targets 6.3% GDP growth this year also.