The fall in oil revenues will have a significant impact on the economy of Central Asian countries, says the report of the International monetary Fund (IMF).
WASHINGTON, 11 Nov. The international monetary Fund (IMF) lowered its forecast of GDP growth of Turkmenistan for 2015 and 2016 by 1.5 and 2.9 percentage points to 7% and 6%, respectively, primarily due to the drop in oil prices and the recession in Russia and slowdown in China, said the IMF on the results of work of the regional mission.
“Triple the economic shock is expected to lead to lower GDP growth of Turkmenistan from 10% in 2014 to around 7% in 2015 and 6% in 2016”, — stated in the message Fund.
According to the latest October forecast of the Fund, the GDP of Turkmenistan was expected to reach 8.3% and 8.9% of GDP in 2015 and 2016.
To prevent such a strong influence on the economy of falling oil revenues, the Fund urged the government of Turkmenistan to continue more actively to diversify the economy. The Foundation has also pledged their support to the authorities of Turkmenistan on this issue.