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Economic Growth and Trade

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Men participate in a business seminar conducted by the USAID Macroeconomic Project in Turkmenistan
Participants at a business seminar conducted by the USAID Macroeconomic Project.
Deloitte Consulting LLP

Turkmenistan is a strategically important state that can play a key role in promoting integration between South and Central Asia. Recently, Turkmenistan has demonstrated a commitment to pursue reforms, specifically in the economic and governance spheres, and expressed interest in adopting more international best practices, since private business is not developed and 60 percent of the Government of Turkmenistan’s budget comes from the natural resources, which is mostly natural gas.

USAID’s economic growth activities promote the implementation of economic reforms: improved investment opportunities; greater competition; increased transparency; the development of Central Asian energy resources; and economic education to secondary school students. For example, USAID assists Turkmenistan government, non-governmental organizations, and private sector beneficiaries to help diversify Turkmenistan’s economy and promote more inclusive and broad-based growth through macroeconomic stability policies, an enhanced competitiveness environment, and expanded private sector participation. We support the transition to international financial and accounting reporting standards and fosters the inclusion of economic liberalization best practices.

USAID works on the development of practical business skills and economics education for youth through activities, contests, and alumni networking to help young people become employers or entrepreneurs. This is carried out in close cooperation with Chevron. USAID also is working with the people of Turkmenistan to lead on the development of a more reliable supply of electricity for export to Afghanistan.

Results:

  • A USAID-funded market economics program has been taught to more than 15 percent of the country’s high school students.
  • USAID has been instrumental in assisting Turkmenistan’s transition to International Financial Reporting Standards to further integrate the country into the global economic system.
  • Together with the Government of Turkmenistan, USAID is helping to create a market-driven, cost-based electricity trading system among Central Asian countries that includes arrangements for pricing, ancillary services, and competitive energy sales, as well as integration of regional trans-boundary water cooperation.

Last updated: November 07, 2014

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