러시아ㆍ유라시아

The abundance of natural resources combined with high commodity prices for much of the last two decades has helped Turkmenistan reach upper middle-income status. Turkmenistan prospered by integrating more into the world economy and the instrument of this integration has been hydrocarbons, the resource that the country has in the greatest abundance. Turkmenistan is working on completing its transition as it advances through upper middle income to high income. Economic diversification is a key strategic priority. Turkmenistan has a vertically centralized governance structure. Accelerated and sustainable development will combine active diversification policies with policies to strengthen the country’s asset base of natural resources, built capital and institutions. Reflecting its extraordinary resource abundance, Turkmenistan’s asset portfolio is weighed toward “hard” endowments (natural resources and physical capital) while human capital and institutions are in need of improvement. In order to rebalance the country’s asset portfolio, authorities can make specific policy choices to strengthen human capital, ensure a more level playing field for business, improve public service provision and manage resource rents.