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Tajikistan’s Economy Sustains Strong Growth, EBRD Says

DUSHANBE, Tajikistan, November 29. The European Bank for Reconstruction and Development (EBRD) notes that Tajikistan’s economy sustained strong growth in the initial half of 2023, Trend reports.

The bank’s economists highlight that the country’s GDP expanded by 8.3 percent year-on-year during this period, attributed to factors such as China’s reopening after COVID, ongoing demand for Tajik workers in Russia, and active public spending.

The EBRD also indicated a 27.1-percent increase in fixed capital investment in the first six months of the year, primarily directed towards the transport and energy sectors.

Furthermore, industrial production, encompassing export-oriented mining activities, rose by 10.3 percent year-on-year. Specifically, manufacturing saw a growth of 14.2 percent, agriculture increased by 7.9 percent, and cargo transportation surged by 12.3 percent.

According to the bank, the increase in hospitality sector by 14.4 percent and retail trade turnover by 10.4 percent shows that people continue to spend more due to consistent money sent home and increasing wages, which rose by 14.2 percent compared to May 2023.

Simultaneously, EBRD expects Tajikistan’s GDP to grow by 7.5 percent in 2023. The country’s GDP was 8 percent in 2022, 9.4 percent in 2021, and 4.4 percent in 2020.

Source: Trend News