Integration and Macroeconomics

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Integration and Macroeconomics

Member of the Board - Minister in charge of Integration and Macroeconomics Sergei Glazyev

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23 Nov 2022 Most EAEU countries ran a budget surplus in January-September 2022 In Armenia, Kyrgyzstan and Russia, the republican budget was executed with a surplus in January-September 2022. The budget deficit decreased in Kazakhstan. The growth rate of external public debt slowed down in Armenia, Kazakhstan and Kyrgyzstan. The growth of domestic public debt persisted. More detailed statistics has been provided on the Statistics Department's webpage in the section "On Budget Performance and Government Debt."

21 Nov 2022 EAEU prepares to launch EEC information portal on interregional cooperation This was announced by Andrey Panteleev, Head of the Economic Policy Strategies Section, Macroeconomic Policy Department of the Eurasian Economic Commission at the International Macroeconomic Seminar titled "Economic Security and Sustainability of the EAEU Countries: State and Business Opportunities", which was held on November 17-18 in Yerevan (the Republic of Armenia). According to Andrey Panteleev, the portal's mission will be to promote cooperation between the regions of the EAEU countries by providing a wide audience with up-to-date information on the development of the regions of the EAEU countries, existing and potential business projects, as well as benefits, preferences and incentives for business development at the regional level.  "Many companies producing competitive goods and services are successfully operating in the regions of the Union countries, favorable conditions and support systems have been created for the implementation of investment projects, including cooperative ones. Our goal is to help investors and entrepreneurs learn about these opportunities through the portal and show how to use them effectively, taking into account the integration opportunities of the Union," the EEC representative emphasized. The portal will also publish regional and EEC news relevant to entrepreneurs and investors, announcements of business fairs, company presentations and other events related to the development of interregional cooperation, the investment climate and business support in the regions. The portal is planned to be launched in the first half of 2023.

18 Nov 2022 EAEU discussed ensuring sustainable development in new economic reality. Issues of ensuring stability and economic security were discussed by attendees of the ninth annual international macroeconomic seminar "EAEU Countries' Economic Security and Stability: State and Business Opportunities" held on November 17 in Yerevan. As Askar Japparkulov, Director of the Eurasian Economic Commission's Macroeconomic Policy Department and Moderator of the seminar, has stressed, the global economy that has not recovered from COVID-19 faced new challenges caused by geopolitical tension, sanctions, technological shifts and energy transition. Significant challenges arose with logistics, having caused an exponential increase in delivery costs. Sanctions against Russia have completely changed the global market situation. "Prices, primarily, for food products and fuel soar. Many countries have registered 30-40 year high inflation. Central banks tighten monetary policy in response to this growing inflation: about 75% of central banks have raised their rates during the year", Askar Japparkulov stated. In turn, Igor Chumakovsky, Vice-President of Interstate Bank, has emphasized the importance of addressing issues of the EAEU countries’ economic security in all fields: economic, financial, payment and others. He stressed the need for close interaction between public authorities, academia and the business community. The seminar attendees discussed some ways to overcome potential global recession at the level of countries and integration associations.  Igor Paunovic, Head of Globalization and Development Strategies Unit of the United Nations Conference on Trade and Development, shared his views on resolving the issue: "We need a new development pattern ensuring prosperity for all. Fundamental social and economic changes based on the decarbonization of the economy, and large-scale investments, both public and private, in public goods should be the core of this pattern". Anastasia Nesvetailova, Head of the Macroeconomics and Development Policies Branch of the United Nations Conference on Trade and Development, has added that the rate hike, chosen as the main anti-inflationary tool, is counterproductive in the current scenario.  "Today the inflation structure includes determinants of supply and demand, as well as a group of factors related to corporate control over markets and financial speculation. The rate hike is not only capable of coping with the gap between supplies and the conduct of corporations and banks, but will also exacerbate these problems. Therefore, an extensive set of regulatory measures, including a fiscal support strategy, consumer protection measures and selective price control, will be able to protect the global economy from recession in 2023", the expert expressed confidence. Anton Malakhov, Area Manager at the Centre for Integration Studies of the Eurasian Development Bank, informed on the changed configuration of transport connectivity in the Eurasian region in the new environment, as well as measures to improve the efficiency of the international North-South transport corridor of which Armenia is one of the participants. "A database of investment projects for developing this corridor has been collected as part of the EDB’s new research study, which includes more than 100 projects for a total amount over 38 bln US dollars", Anton Malakhov shared information with the seminar attendees. The seminar addressed such issues as food security governance under sanctions, as well as methods to promote economic growth at high inflation and uncertainty. The speakers informed on developing regional cooperation and interaction between the State and the business community in the field of transportation, transforming the financial and payment sectors, developing on-exchange trading in goods within the EAEU and the commitment of companies to environmental principles in the present-day conditions. Some attention was also paid to IT and process safety. Emil Petrosyan, Deputy Head of the Moscow City Department for Investment and Industrial Policy, focused on regional cooperation and declared determination to assist investors. "In the current hard and unstable economic situation, Moscow is ready to provide investors, including from the EAEU countries, with unprecedented support measures to implement projects in the city: financial and property support (provision of a land plot), location in a special economic area, guaranteed sales of products, support of investors in a "single window" mode, and so on. It is worth noting that since 2019 Moscow has actively promoted sustainable development projects both in the city and in the EAEU countries’ regions as well", Emil Petrosyan said. Anton Moskalenkov, Adviser to the Director General of the Agency for Strategic Initiatives of the Russian Federation, expressed an opinion on the need to create new opportunities for extending cooperation within the EAEU and ensuring technological and personnel sovereignty, and flexibility of the government regulation system. "The Agency, jointly with the Eurasian Economic Commission, welcomes the idea of creating the Eurasian Consortium of Strategic Initiatives and Development Institutions. Besides the exchange of experience and best practices, the joint actions may also result in creating a new investment paradigm for the EAEU countries, which differs from current approaches of the OECD, the World Bank and the UNCTAD. For this purpose, sufficient demand created by national economies should be a key factor in attracting investment to the EAEU", Anton Moskalenkov reported. Summing up, the seminar attendees agreed on the need to formulate a balanced position on ensuring sustainable development that serves business and public interests and promotes unleashing human potential, and improving the quality and standard of living of our countries’ citizens. "Exploiting its supranational opportunities, the Commission will keep actively working in this direction in close cooperation with the sides, international organizations and integration associations, implementing the obtained results in the documents of long-term strategic planning at the EAEU level", Askar Japparkulov concluded. 

18 Nov 2022 EAEU inflation amounted to 11.5% in October compared to December 2021 The consumer price index for goods and services in the EAEU amounted to 100.3% in October 2022 compared to September 2022 and to 111.5% compared to December 2021. Compared to December 2021, the largest increase in prices for non-food products was registered in the EAEU (by 12.9%). During this period, prices for food products increased by 10.8%, and prices for paid services grew by 10.2%. Higher than in the EAEU, the increase in prices for food products was registered in Kazakhstan (by 21.2%), Kyrgyzstan (by 14.1%) and Belarus (by 13.7%). The largest increase in prices for non-food products was recorded in Belarus (by 16.8%) and Kazakhstan (by 16.0%), for paid services - in Kazakhstan (by 12.6%) and Russia (by 10.1%). More detailed statistics has been provided on the Statistics Department's webpage in the "On Consumer Price Index" section.

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09/28/2022 12:00:00 am Распоряжение Коллегии ЕЭК №166 О внесении изменения в Программу статистических работ Евразийской экономической комиссии на 2022 год

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05/27/2022 12:00:00 am Решение ВЕЭС № 7 Об основных ориентирах макроэкономической политики государств - членов Евразийского экономического союза на 2022 - 2023 годы

02/25/2022 12:00:00 am Распоряжение Евразийского межправительственного совета № 4 О макроэкономической ситуации в государствах – членах Евразийского экономического союза и предложениях по обеспечению устойчивого экономического развития

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14 2016 The interview of the Minister on the technical regulation of the EEC Valery Koreshkov with BELTA news agency on establishment of the common market of medicines in the Eurasian Economic Union Medicines is the first group of specific goods, with which the EAEU countries started to work closely by the beginning of the functioning of the common market. Using this experience, the EAEU will form other common markets - for finances, energy, oil and gas, and so on. The BELTA journalist discussed with the EEC Board Member - Minister in charge of technical regulation Valery Koreshkov, what stages are yet to be covered and how the common market of medicines will work.

09 2016 Minister in charge of energy and infrastructure of the Eurasian Economic Commission Adamkul Zhunusov answered questions of "RUSARMINFO" and shared his view on the level of integration of Armenia in the common energy market of the Eurasian Union How do you estimate the level of integration of Armenia in the common energy market of he EAEU? And what are the objective possibilities of development?

04 2016 Interview of Andrey Lipin, Deputy Director of the Department for Macroeconomic Policy of the EEC, to "Vedomosti": "Integration: Running Without Barriers" Since January 2015, the integration processes between Belarus, Kazakhstan, Russia and Armenia, which joined during the year, and the Kyrgyz Republic have been regulated by the Treaty on the Eurasian Economic Union (EAEU) that aims at creating a single market for goods, services, capital and labor.

01 2015 Interview of the EEC Minister Danil Ibrayev to website Russianews.net: "We are protecting the interests of five states" Undoubtedly, Europe has heard of the Eurasian Economic Commission. But both the European Commission, and the Europeans themselves, cannot really imagine what it is, and in particular, whether it threatens the economic interests of the EU or whether it can become its partner. Is it the equivalent of the European Union, but it covers an even larger area, or the revival of the Soviet Union? We met with the Member of the Board of the Eurasian Economic Commission Danil Ibrayev to clarify these questions.

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