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How Turkmenistan managed to maintain economic growth - expert opinion

Chairman of the Union of Economists of Turkmenistan, member of the Coordinating Council of the International Union of Economists, science expert of the editorial board Yuri Aronsky shared his views on our nation's successes in 2020.

The expert noted that in the Turkmenistan's GDP structure traceable to a significant accrual rate. Even at the dawn of independence, Turkmenistan began to increase construction segmentincreased threefold, and by 2013 amounted to 15%. The savings allowed Turkmenistan to diversify the economy and move from a raw-materials to an industrial-raw-materials scheme of activity. This was followed by an industrial leap. transformation of the economy into an industrial-innovative form thanks to the commissioning of the largest production facilities. This process has led to GDP growth per capita, now the figure is $8 thousand. - noted the economist.

Aronsky reminded that last year passed in the world "under the shadow COVID-19 global pandemic. The national economies of most states recorded declines, with GDP falling by 12%. The forecasts of financial analysts who predicted negative trends in 2020 have come true. At the same time, Turkmenistan managed to cope with the global negative economic trends with dignity and achieve GDP growth at the 6% levelwhich is only slightly lower than the increase in previous years.

The scientist analyzed Factors that enabled Turkmenistan to cope with the global challenges of our time. In this vein, the economist noted support for a substantial investment sharesThe country's economy has been growing, which has enabled it to increase the volume of Turkmen products. Having created modern productive industries, Turkmenistan processed oil, gas, cotton and other raw materials into a complete product line. As you know, the final product is more profitable than the raw material.

Yuri Aronsky cited facts from of the December speech of the President of Turkmenistan: the country is being construction of 2,500 large high-tech and social production facilities worth over $37 billion. Obviously, over the next few years, these facilities will become new sources of GDP growth.

The year 2020, with its threats and negative trends, did not take the economy of our state by surprise - the investment foundation laid in the past allowed us to get a positive result even in a difficult situation.

Separately, the analyst evaluated the contribution of private businesses. According to Aronsky's calculations based on SPPT data, the rate of increase in the output of industrial products for 2020 are 13%.


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