土库曼斯坦经济概况(英文)

Economy of Turkmenistan

Turkmenistan is one of the world's fastest-growing economies. It is largely

a desert country with intensive agriculture in irrigated areas, and

huge gas and oil resources. In terms of natural gas reserves, it is ranked 4th in the world. Regarding agriculture, the two largest crops are cotton, most of which is produced for export, and wheat, which is domestically consumed.[4] Turkmenistan is among the top ten producers of cotton in the world. 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. As in the Soviet era, central planning and state control pervade the system, and the Niyazov government (in power 1991–2006) consistently rejected market reform programs. The state subsidizes a wide variety of commodities and services. Since his election in 2007, President Gurbanguly Berdimuhamedow unified the country's dual currency exchange rate, ordered the redenomination of the manat, reduced state subsidies for gasoline, and initiated development of a special tourism zone (Avaza) on the Caspian Sea. Since 2009, Turkmenistan maintans the fixed exchange rate of 1 United States Dollar to 2.85 Turkmenistan manat.[4]

Fiscal Policy

The budget making process and its implement ation goes according to the Law ―On Budget System‖. The law fixes legal foundations of organizing management and operating budget system, regulates interrelations between budgets of all levels. The Government

of Turkmenistan discusses the State budget draft and submits it to the President of Turkmenistan. Prior to one month of the beginning of the financial year the President of Turkmenistan submits to the Assembly of Turkmenistan(Mejlis) the State budget draft for consideration and adoption. Budget statistics are unreliable because the government spends large amounts of extra-budgetary funds. In 2012, it is estimated that the budget expenditures are US$26.9 billion, and revenues are US$26.4 billion, creating a slight deficit.

Monetary policy

Inflation

Since 1991 – the last year of existence of the USSR – up to 1993 – the last year of rouble zone existence – the rate of inflation was measured in tens, hundreds and even thousands per cent per year. However the price growth continued and by November 1996

the total price level in Turkmenistan had increased tens of thousands times in comparison with December 1991. Simultaneously with the price growth the currency (dollar) exchange rates dropped. First it was rouble rate (1991)and later on, with the launching of the national currency. The Turkmen national currency – manat – was launched on November 1, 1993. The official exchange rate was established as $1equal to 2 manats.

In 1993–1995 Turkmenistan increased monetary base by 20 - 28% monthly; thus prices reacted by a monthly growth of 25 – 43%.The cash growth in circulation in 1993–1995 constituted 47.8%. The issue of cash increased 3 times and made up 7 billion manats. For the recent years the process of involving internal sources of investment into the sphere of currency turnover and currency accrual has become unprecedented in its scale. The tendency of the growth of this process and its significance require special study. It is worth noting that the major factors accounting for the quality of monetary policy are: rate of monetary base growth, rates of changes of velocity of money and rates of real GDP growth. Transition from a soft to a tougher monetary policy in the middle of 1996 immediately affected the dynamics of prices. In the world economy one of the most important sources of maintaining high rates of monetary base increase (though not the only one) is monetization of a budget deficit – its financing at the cost of issuing money instruments.

Industry

HQ of the Ministry of Oil and Gas of Turkmensistan, Ashgabat

In the post-Soviet era, Turkmenistan’s industrial sector has been dominated increasingly by the fuel and cotton processing industries to the detriment of light industry. Between 1991 and 2004, some 14 new cotton-processing plants were opened, sharply increasing the capability of processing domestically produced cotton. The construction industry depends mainly on government building projects because construction of private housing is a low priority.

Gas

Turkmenistan's major gas deposits were discovered in its central and eastern areas in the 1940s and '50s, and in the 1980s the republic became the second largest producer of gas in the Soviet Union, behind the Russian SFSR. During the Soviet era gas was exported mainly to other Soviet republics, as Turkmenistan steadily increased delivery from about 9.2 million m³ in 1940 to about 234 million m³ in 1960 and about 51 billion m³ in 1975. This export was under centralised control, and most of the export revenue was absorbed into the Soviet central budget.