EDB Reports Economic Boom in States Neighboring Russia
The Eurasian Development Bank announced unprecedented growth in the region for 2024. Read Full Article at RT.com.
TroibNews 
The Eurasian Development Bank has reported significant economic growth within the Eurasian Economic Union for the year 2024.
According to the bank, economies in the region are experiencing rapid expansion, fueled by Western sanctions related to Ukraine and increasing demand. This has resulted in a collective GDP growth of over 4% for the member states, which include Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
In its most recent macroeconomic forecast covering the years 2025-2027, the EDB projects that the combined GDP for these five nations will increase by 4.2% in 2024, surpassing the global average growth of 3.2%. The forecast also includes Tajikistan, despite its non-membership in the EAEU.
The EDB highlighted the resilience shown by the Russia-led economic bloc and Central Asian countries amid a more complex and challenging global landscape. The bank pointed out that 2024 marks the best economic performance for these nations since 2012, aside from recovery periods following the pandemic.
The region’s nominal GDP is anticipated to exceed $500 billion in 2024, with EDB Chief Economist Evgeny Vinokurov noting that Central Asia's population has risen over 3% in the past two years to around 80 million. He described this demographic shift as a "demographic window of opportunity," potentially fueling economic growth for the next 15 to 20 years.
"The Central Asian economy has become a major player. It is attractive for investment, a dynamic sales market, and strategically significant for transport and transit potential," Vinokurov stated.
This growth occurs as the global economy deals with a slowdown characterized by diminished productivity, weakening demand, and a declining population, as observed by the EDB.
The bank forecasts continued growth for the Russian and Belarusian economies at rates of 2.4% and 2.6% respectively for 2025. Additionally, it predicts GDP growth of 5.5% for Armenia and Kazakhstan, 8.7% for Kyrgyzstan, and 8.4% for Tajikistan, driven by industrial activity and investment changes.
In response to unprecedented Western sanctions, Russia has increased its efforts to enhance trade and other economic collaborations with allied nations, actively shifting trade from the dollar and euro to national currencies with EAEU members and regional partners.
Alejandro Jose Martinez for TROIB News
According to the bank, economies in the region are experiencing rapid expansion, fueled by Western sanctions related to Ukraine and increasing demand. This has resulted in a collective GDP growth of over 4% for the member states, which include Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.
In its most recent macroeconomic forecast covering the years 2025-2027, the EDB projects that the combined GDP for these five nations will increase by 4.2% in 2024, surpassing the global average growth of 3.2%. The forecast also includes Tajikistan, despite its non-membership in the EAEU.
The EDB highlighted the resilience shown by the Russia-led economic bloc and Central Asian countries amid a more complex and challenging global landscape. The bank pointed out that 2024 marks the best economic performance for these nations since 2012, aside from recovery periods following the pandemic.
The region’s nominal GDP is anticipated to exceed $500 billion in 2024, with EDB Chief Economist Evgeny Vinokurov noting that Central Asia's population has risen over 3% in the past two years to around 80 million. He described this demographic shift as a "demographic window of opportunity," potentially fueling economic growth for the next 15 to 20 years.
"The Central Asian economy has become a major player. It is attractive for investment, a dynamic sales market, and strategically significant for transport and transit potential," Vinokurov stated.
This growth occurs as the global economy deals with a slowdown characterized by diminished productivity, weakening demand, and a declining population, as observed by the EDB.
The bank forecasts continued growth for the Russian and Belarusian economies at rates of 2.4% and 2.6% respectively for 2025. Additionally, it predicts GDP growth of 5.5% for Armenia and Kazakhstan, 8.7% for Kyrgyzstan, and 8.4% for Tajikistan, driven by industrial activity and investment changes.
In response to unprecedented Western sanctions, Russia has increased its efforts to enhance trade and other economic collaborations with allied nations, actively shifting trade from the dollar and euro to national currencies with EAEU members and regional partners.
Alejandro Jose Martinez for TROIB News
