Turkmenistan used to be one of the poorest and least developed parts of the world during the Soviet era. Things have improved since April 1999, when oil prices began rising (see omt12TurkmGlblPros-Sep15-08). The economy relies heavily on oil and natural gas production. But the prospects for Turkmenistan's economy under Niyazov were bleak. In 1997, for example, the country had a 25.9% drop in its real GDP as Russia closed off its gas pipeline network, Turkmenistan's sole gas export option (see down12TurkmEnBaSep18-06).

At an enlarged meeting of the cabinet reported on Aug. 16, 2008, President Berdimuhamedov reviewed the country's economic conditions and development ...