News

At the Intergovernmental Council’s meeting held on February 3 in Almaty, the Eurasian Economic Commission presented a report on the macroeconomic situation in the Eurasian Economic Union States and proposals for ensuring sustainable economic development.

The report contains information on current development trends in the global economy, dynamics and prospects of the EAEU States’ economic development, analyzes obstacles to growth and suggests principles and criteria for supporting the Union countries’ economic development.

  As estimated by the Eurasian Economic Commission, the total GDP of the EAEU will decrease by 1.9% at year-end 2022, and the risk of recession remains in 2023. Along with that, there is an increase in such key indicators of the economy as the output of industrial and agricultural products, construction works, investment in fixed capital, and activity in the labor market remains as well.

“In order to increase the pace of economic growth, the EAEU Member States should take measures to promote investment in scientific and technological development, modernize production, and increase productivity and efficiency. The use of economic, industrial, scientific and technical potential available in the EAEU makes it possible to obtain the path of annual growth of the EAEU's total GDP by 4.5 - 5.5% while maintaining the internal economic stability of the EAEU Member States, which creates conditions development in the long run for converging the Member States in terms of economic development", the report notes.

 As the Commission's analysis showed, the successful experience of most countries and integration associations is based on such factors as active state policy to create new capacity utilization, embedding new industries in regional and global value chains, increasing the economic complexity of manufactured products, as well as expanding mechanisms and tools for financing economic growth.

The report will be published on the Commission's website.