IMF expects Turkmenistan's GDP to grow 2.3% in 2024, noticeably improves inflation forecast

ASHGABAT. April 16 (Interfax) - The International Monetary Fund has improved its forecast for Turkmenistan's economic growth this year to 2.3%, the IMF's updated World Economic Outlook, published on Tuesday said.

The fund forecasted economic growth of 2.1% in 2024 in its October edition.

According to the April review, the republic's GDP will also grow 2.3% in 2025.

Consumer price growth is expected to be 5.0% this year (in October the fund predicted inflation at 10.5%), and 7.9% in 2025.

The country's current account surplus will reach 4.1% of GDP in 2024 (in October, the forecast was 1.8% of GDP), and 2.8% of GDP in 2025, the updated IMF forecast said.

The IMF lowered its estimate of Turkmen economic growth in 2023 to 2.0% compared to the October forecast of 2.5%. Last year, according to the new survey, consumer prices in the republic tended to decline (-1.7%) compared with the October forecast of growth of 5.9%. The fund raised the current account surplus to 4.8% of GDP from 3.4% of GDP.

According to the government of Turkmenistan, economic growth was 6.3% in 2023. In accordance with the socio-economic development program for 2024, it is planned to maintain GDP growth at 6.3%.