Post on 17-Jan-2016
TURKMENISTAN
By Todor Valev and Anton Borisov
MAP
Basic Facts
• Central Asia
• Population: 4.9 million
• Area: 488, 100 km2
• Natural Gas and Oil
Historical Background
• Independence from SSSR in 1991
• Remains a totalitarian country under the rule of the former Communist party
• Personality cult – “President for Life” Saparmurat Niyazov
• 2006 - New President and hope for change
Economic Background• Desert Country
• Natural Gas and Petroleum
• Trade Account (4.596 billion dollars)
• GDP (26.201 billion dollars)– Agriculture – 28.5%– Industry – 42.7%– Services – 28.8%
Current Account
Data Obtained from International Monetary Fund (IMF)
CA Balance (in billion $U.S.)
-2
0
2
4
6
8
10
12
14
16
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Goods and Assets Markets
• Hyperinflation and negative GDP growth during the first years of independence
• Constant arguments with Russia concerning the gas prices and transit
• Stabilizing of the economy around 1999• Growing planned economy offsetting the
inefficiencies through high gas export revenue
• State-controlled banking system
GDP Growth
Real GDP growth (annual percentage rate)
-20
-15
-10
-5
0
5
10
15
20
25
Data Obtained from InternationalMonetary Fund (IMF)
GDP Growth
Data Obtained from International
Monetary Fund (IMF)
GDP in billions $U.S.
0
5
10
15
20
25
30
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Inflation
Data Obtained from International
Monetary Fund (IMF)
Inflation Rate (in annual % change)
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
Labor Market
• Skewed and unreliable data from national sources
• Labor Force
• Unemployment – 60% (2004 estimates from CIA Fact book)
Repercussions of the World Financial Crisis
Less affected by the crisis due to:
• State regulated economy
• Strict monetary policy
• State ownership of the banking system
• Almost no participation in foreign financial markets
• However, decreasing gas and oil prices
Q&A Session!
Thank You!