Turkmenistan ranks 88th out of 200 in the World Bank Rating
The economy of Turkmenistan is the 88th in the world in terms of gross domestic product (GDP) in 2017. The World Bank compiled the survey that includes 200 countries.
According to the World Bank, Turkmenistan’s GDP in dollar terms and in current prices amounted to 42.3 billion in 2017.
Turkmenistan bypassed Kyrgyzstan ($7.5 billion), which is the 145th, and Tajikistan ($7.1 billion), which is the 147th, and is a bit behind Uzbekistan ($48.7 billion), which is the 85th.
USA ($19.4 trillion) is the 1st in the World Bank Survey, followed by China ($12 trillion), and Japan ($4.9 trillion) in Top-3. The European economic heavyweights – Germany and Great Britain – are the 4th and 5th. The Russian Federation ($1.57 trillion) is the 11th in the rating.
In general, in 2017, main economic indicator of Turkmenistan shows that the country’s economy is developing at a high pace. And it despite the fact that during 2017 the Turkmen state, like all oil-and-gas dependent countries, suffered a negative impact due to a drop in world energy prices. The state programs on import substitution and export growth adopted by the government made it possible to minimize losses caused by the global economic crisis.
This year, a number of large industrial enterprises for processing natural gas and producing of high-value-added products that in demand on the world market will be launched in Turkmenistan. It will lead to a significant increase in the GDP of the state.
According to experts, the development of hydrocarbon processing within the country will reduce significantly Turkmenistan’s dependence on price fluctuations in the world gas market and will give its economy the stability as in developed countries, as well as it will accelerate the diversification and implementation of market reforms in the economy.
