ADB urges reform acceleration as Tajik economy slows down to 3.8% growth

31/03/2016

Women agricultural workers in TajikistanTajik economy: Tajikistan needs to speed up its attempts to increase the competitiveness of its industries and exports if it is to counter a slowdown in its economic growth, the Asian Development Bank (ADB) warned this week. 
“Sustained growth will require urgent reforms to revive the country’s industrial base and create jobs,” ADB’s Country Director for Tajikistan CC Yu said as the bank published its Asian Development Outlook (ADO) report. “This may be achieved by creating an enabling environment that supports businesses, particularly small and medium-sized enterprises, which can provide the bulk of the employment the country needs to absorb its growing population and returning migrants.”
ADB Country Director for Tajikistan CC YUThe ADO report for 2016 forecasts growth to come in at 3.8% for 2016 and 4% in 2017 compared to 6% last year, as Russia’s recession continues and demand remains weak from other main trade partners. before picking up slightly to 4% in 2017. Growth in 2015 dipped to 6.0% from 6.7% a year earlier as the economy was hit by lower commodity prices, weak private investment, and remittance shortfalls.