Among the Central Asian countries, Turkmenistan has grown significantly due to the high amount of natural resources, mainly hydrocarbons. After the breakup of the Soviet Union, having great natural gas deposits, Turkmenistan improved its economy by implementing structural reforms. However, since 2014, like the other Central Asian countries, Turkmenistan has faced three shocks which led to a worsened economic performance: (i) oil and natural gas prices have decreased and they are expected to remain at low levels despite the slight cyclical upward changes, (ii) economic activity with major trading partners such as Russia and China has been slowing down and (iii) pressures on the national currency have been increasing. In these circumstances, Turkmenistan faced a slowdown in GDP growth rate, weaker current account position, deterioration in financial sector and a serious devaluation over the past years.
Hayal Ayca Simsek graduated from Public Finance Department of the Faculty of Economics and Administrative Sciences in Dokuz Eylul University in 1995 and she started working as a research assistant in Public Finance Department in 1996. Starting her master education in 1995, she completed this process in 1997 by presenting her master thesis namely ‘Alternative Fiscal Policies in Determining the Limits of Government’. Hayal Ayca Simsek started doctorate process in 1998 and completed this process in 2003 by presenting her doctoral thesis namely ‘Constitutional Economics As An Alternative for Achie