DUSHANBE, Tajikistan, June 20. Tajikistan's GDP growth is expected by the Eurasian Development Bank (EDB) to hit eight percent by 2024, Trend reports.
This upward revision of 0.7 percentage points from the December 2023 forecast reflects strong performance in the first quarter of 2024. EDB analysts attribute this growth to higher-than-expected prices of gold and non-ferrous metals exported by Tajikistan, coupled with favorable dynamics in remittances due to increased wages in the EDB's operational region.
However, economic expansion in the latter half of 2024 may be tempered by slowing demand from external markets, both within and beyond the EDB's operational sphere. This slowdown is anticipated to negatively impact actual export volumes, remittance inflows, and investments into the country.
Against all odds, the report indicates that the skyrocketing prices of exported metals, particularly gold, will somewhat cushion the blow of reduced external demand.
The report also notes Tajikistan's robust economic performance in early 2024, with GDP growing by 8.2 percent year-on-year in January–March.
In 2023, Tajikistan achieved a GDP growth rate of 8.3 percent, amounting to over 130 billion somoni ($11 billion).