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Economy

Dushanbe rewrites its 3-year forecast: more freight, more investment, less aluminiu

Tajikistan's government has revised its macroeconomic forecast for 2027 to 2029. Industrial output is now expected to reach about 132 billion somoni ($14.3 billion) in 2028 against roughly 106 billion in the previous version, freight traffic 211 million tonnes instead of 160 million, and fixed investment 44.5 billion somoni instead of 40.5 billion. The aluminium line moved the other way: the 188,000-tonne target for 2028 has been cut, and the new figure was left out of the summary that reached print.

Dushanbe rewrites its 3-year forecast: more freight, more investment, less aluminiu

The growth path itself is unchanged: 8.4% in 2027, 8.6% in 2028 and 8.8% in 2029, with nominal GDP approaching 291 billion somoni ($31.5 billion) by the end of the period. What changed is the composition. Cement, coal and electricity were marked up alongside industry as a whole; passenger traffic was marked down from 1.5 billion to about 1.3 billion journeys; some crops were trimmed.

The freight line carries the largest revision in the summary, up by almost a third for 2028. A government that this month asked Iran for 2.55 million tonnes of crude and products, most of it crude for its own refineries, is planning for a great deal more to move by rail and road.

The money lines rose with it. Total foreign investment, loans and grants included, is projected at about $9.6 billion by 2028; foreign direct investment at about $820 million in that year. Exports are to grow 5% to 6% a year to about $3.1 billion by 2029, with imports growing more slowly, which narrows the trade gap without closing it.

The previous forecast, government resolution No. 377 of 1 July 2025, put primary aluminium at 188,000 tonnes in 2028. The new document lowers it. Asia-Plus, which read both, printed the direction and not the number; the justice ministry's legal portal returned the older resolution when asked for the new one, so the figure stays unprinted here too.

The freight line carries the largest revision in the summary, up by almost a third for 2028.

A planning document that marks aluminium down while marking industry up describes a different industrial base: cement, coal, power and processing, with the smelter a smaller part of it. If the new document carries the standing clause of its predecessor, the finance ministry must build the coming budgets on these numbers, and the 132-billion-somoni industrial line becomes a revenue assumption as much as a target.