Economic development of Turkmenistan 2018-2024
Important document – the Program of country development for the next term is to be adopted after discussion at the session of the Council of the elders.
Presenting the Program, President Gurbanguly Berdimukhamedov gave brief description to foreign policy prepositions for amendment of specific goals and tasks for coming period.
It was mentioned that some economic and political events in the country made some negative impact on economic growth of our country. First of all, the growth rate of global economy has been decreased. It is related with geopolitical situation, drop of the prices for hydrocarbon resources in the world markets, insufficiently stable development of economy of the states that are trade and economic partners of Turkmenistan, fluctuation of foreign currency exchange rates, instability of securities at stock markets and with other reasons.
Following this, it has required more involvement of all resources and capabilities for stable growth of national economy and rapid transit to market relations, particularly fast development of non-governmental sections of the economy. Establishment of joint and stock ventures, intensification of activity of stock exchange and security markets have been also stipulated.
Based on these factors, the draft of the Program of the President of Turkmenistan for Social and Economic Development of Turkmenistan in 2018 – 2024 has been elaborated.
The Program outlines the objectives of social and economic development of the country for the next seven years and reflects coming tasks, main principles, priority directions and expected outcomes. Besides, the measures for fulfilment of these objectives including improvement of the efficiency of work of economic institutions have been targeted and the tasks for improvement of the system of government regulation and its modernization have been formulated.
It is also stipulated to take necessary measures for improvement of macroeconomic regulation in the conditions of world financial and economic crisis and, to achieve the balance of these indices and continue reformation of financial and banking sphere.
According to the Program, it is planned to keep high annual growth rate of the GDP on 6.2 – 8.2 percent level.
Share of the industry in the structure of national economy will make 33 percent in average, construction – 14 percent and agriculture – 10.9 percent in designated period. The index in transport and communication branches will reach 9.1 percent, in trade – 12 percent and in service sphere – 21 percent.
The work for creation and support of national priorities and support of scientific and technical initiatives will be continued for formation of industrially developed economy.
Fulfilment of these objectives will make full-grown conditions for considerable increase of export potential as well as will allow the establishment of import substitutive goods production facilities in all regions of the country, - President Gurbanguly Berdimukhamedov highlighted.