Economy of Turkmenistan

The economy of Turkmenistan continues to recover from the 2014 downturn in hydrocarbon prices, but remains "in the grip of its worst economic crisis since the immediate post-independence period, driven in part by low gas prices, the suspension of gas exports to Russia between 2016 and 2019...and poor harvests." Former President Gurbanguly Berdimuhamedow at a session of the Cabinet of Ministers on 11 March 2021, called the rate of GDP growth unsatisfactory. When discussing the 2021 government budget, he noted that 2021 would be "as difficult" a year as 2020 had been. According to the 2020 Investment Climate Statement of the US Department of State, Turkmenistan's economy depends heavily on the production and export of natural gas, oil, petrochemicals and, to a lesser degree, cotton, wheat, and textiles. The economy is still recovering from a deep recession that followed the late 2014 collapse in global energy prices. The current investment climate is considered high risk for US foreign direct investment.

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