Inflation in Turkmenistan to slow down in 2022-2023 - ADB

By Trend

Turkmenistan’s inflation rate in 2022 is projected at 13 percent, and at 10 percent in 2023, Trend reports via Asian Development Outlook 2022 from Asian Development Bank (ADB).

According to the report, inflation in Turkmenistan is projected to slow in 2022 against the background of higher export revenues, however, it will remain at a high level due to rising prices for imported products.

Turkmenistan’s inflation rate is expected to slow down further in 2023 due to the weakening of the restrictions due to the COVID-19 pandemic, an increase in energy prices and stimulation of the manufacturing of domestic products.

Furthermore, low rainfall hindered the development of agriculture, which nevertheless managed to moderately increase the production of cotton and wheat.

Most of the loans in the country were subsidized loans to State-owned enterprises in priority sectors for the Government, while some loans were provided to private producers engaged in import substitution.