31 Aug 2009 13:12

Tajik govt forecasts 14% GDP growth in 2010

DUSHANBE. Aug 31 (Interfax) - The government of Tajikistan has approved a state budget draft for 2010, which forecasts GDP growth in the country at 14% next year, the Presidential press service said.

The 2009 budget put GDP growth at 8%. However, this figure only increased by 3.1% in January-July. International financial organizations forecast less GDP growth for the remainder of the year. Asian Development Bank (ADB) expects this figure to increase 3% for this year while the IMF forecasts GDP increasing only 2%. In 2008, Tajikistan's GDP went up by 7.9%.

"GDP for 2010 is planned at 24.5 billion somoni while the state budget [total revenue and expenditures] comes to 6.954 billion somoni, an increase of 14% and 25%, respectively, from the current year," the press service said in a statement.

In May, Tajikistan was forced to reduce revenue and expenditures for the 2009 budget owing to the global economic situation. Revenues were lowered by 14.2% to 2.575 billion somoni while expenditures decreased by 10.2% to 2.7 billion somoni. The deficit came to 125 million somoni, or 0.6% of GDP.

Owing to the world financial crisis, total money transfers from Tajik migrants, which number around 1 million persons in Russia, have decreased, as have prices on Tajikistan's main exports - aluminum and cotton fiber.