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31 January 2025, 16:15

EAEU reports economic growth above global average for second straight year

MOSCOW, 31 January (BelTA) - The Eurasian Intergovernmental Council, which met in Almaty on 30-31 January under the chairmanship of Belarusian Prime Minister Roman Golovchenko, considered a report on the macroeconomic situation in the member states of the Eurasian Economic Union (EAEU) and proposals to ensure sustainable economic development, BelTA learned from the press service of the Eurasian Economic Commission (EEC).

Presenting the report, Eldar Alisherov, member of the EEC Board (Minister) in charge of Integration and Macroeconomics, stated that the new configuration of trade, transport and logistics routes, labor migration and financial flows in the region, along with active economic policy, served as a stimulus for economic growth in the EAEU. According to him, trade, financial and production ties in the union have demonstrated sustainability, while the economies have demonstrated the ability to adapt to new changing conditions. Economic growth in the EAEU has been above global average for the past two years.

According to the EEC's preliminary estimate, the aggregate GDP of the EAEU in 2024 rose 4%, which is higher than the global average growth rate (3.2%) and initial forecasts. The value volume of mutual trade in goods continued to grow at a higher rate in 2024 compared to external trade and is expected to reach almost $100 billion by 2026.

According to Eldar Alisherov, the economies have created favorable conditions promoting growth and convergence of income levels. This has become possible thanks to high economic growth achieved over the past two years, capital accumulation, as well as an improved employment level. The unemployment rate has decreased to a record low of 3%, with investment growth remaining at a high level of over 8.2%.

“Sustainable economic development can be facilitated by increased investment in network industries such as telecommunications, transportation and electricity. They should be aimed primarily at overcoming infrastructure bottlenecks related to the reorientation of trade flows, improving transport, logistics connectivity of member states' economies, and supporting labor mobility,” Eldar Alisherov concluded.





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