Independent researcher specialising in Russian and Central Asian affairs. Tajikistan’s gross domestic product grew by 8.2 percent year on year in the first half of 2026, while fixed-capital investment rose by 18.4 percent. On June 30, the World Bank approved a further $300m grant for the Rogun hydropower plant, the government’s flagship project. Rapid growth and fresh multilateral support appear to validate years of state-led investment. They also sharpen the central question: is the boom generating enough export income to meet future obligations, or does it still depend on migrant earnings and public spending? The warning is that Tajikistan’s strong growth masks significant external and fiscal vulnerabilities.
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