The International Monetary Fund (IMF) released its latest “World Economic Outlook” report in October 2024. This comprehensive 156-page report analyzes global economic trends, highlights challenges, and provides GDP forecasts for countries worldwide.
The global economy is projected to grow steadily at 3.2% in 2024 and 2025, with a longer-term outlook of 3.1%, which remains below pre-pandemic growth levels. Advanced economies, particularly the United States, demonstrate resilience. However, other major economies, including those in Europe, have faced downward revisions. Emerging economies in Asia are benefiting from technological advancements, while regions like Sub-Saharan Africa and the Middle East grapple with disruptions caused by conflicts and climate change.
Turkmenistan economic indicators
Although Turkmenistan lacks a dedicated section in the report, the IMF provides key economic data:
- GDP growth has been forecasted at 2.3% for 2024 and 2025, following 2% in 2023. These figures contrast with the government’s reported 6.3% growth in 2023, reflecting differing methodologies in measuring GDP.
- The IMF’s projections adhere to international standards such as the System of National Accounts (SNA) and it uses economic data from the Unites Nations and World Bank sources for consistency. Due to a lack of reliable data of adequate quality, in 2020 the World Bank stopped publishing economic output, income, or growth data for Turkmenistan.
- Fiscal forecasts exclude revenues from domestic bonds and privatization in line with international guidelines (GFSM 2014), unlike Turkmenistan’s official accounts, which include these revenues.
- The IMF predicts deflation of -1.6% in 2023, followed by inflation of 6.3% in 2024 and 8% in 2025, reflecting ongoing price volatility.
The discrepancies underline the importance of transparency and alignment of Turkmen practices with global reporting practices for sustainable economic growth.
