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Turkmenistan: Turkmenistan Economy Profile 2012

2012/04/05

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Turkmenistan Economy Profile 2012

Turkmenistan is largely a desert country with intensive agriculture in irrigated oases and sizeable gas and oil resources. One-half of its irrigated land is planted in cotton; formerly it was the world's 10th-largest producer. Poor harvests in recent years have led to an almost 50% decline in cotton exports. With an authoritarian ex-Communist regime in power and a tribally based social structure, Turkmenistan has taken a cautious approach to economic reform, hoping to use gas and cotton sales to sustain its inefficient economy. Privatization goals remain limited. From 1998-2005, Turkmenistan suffered from the continued lack of adequate export routes for natural gas and from obligations on extensive short-term external debt. At the same time, however, total exports rose by an average of roughly 15% per year from 2003-08, largely because of higher international oil and gas prices. A new pipeline to China, set to come online in late 2009 or early 2010, will give Turkmenistan an additional export route for its gas. Overall prospects in the near future are discouraging because of widespread internal poverty, a poor educational system, government misuse of oil and gas revenues, and Ashgabat's reluctance to adopt market-oriented reforms. In the past, Turkmenistan's economic statistics were state secrets. The new government has established a State Agency for Statistics, but GDP numbers and other figures are subject to wide margins of error. In particular, the rate of GDP growth is uncertain. Since his election, President BERDIMUHAMEDOW has sought to improve the health and education systems, unified the country's dual currency exchange rate, ordered the redenomination of the manat, reduced state subsidies for gasoline, increased Internet access both in schools and Internet cafes, ordered an independent audit of Turkmenistan's gas resources, and created a special tourism zone on the Caspian Sea. Although foreign investment is encouraged, numerous bureaucratic obstacles from the NYYZOW-era remain.