MINSK, 4 December (BelTA) - This year the economic downturn of the EAEU countries is projected to be noticeably less severe than in the eurozone, Andrei Klepach, chief economist at the Russian state development corporation VEB.RF, said when speaking at the First Eurasian Congress, TASS reported.
"The decline in the EAEU countries in 2020, according to our estimates, will be significantly smaller than in the eurozone, around 3.8% at the end of the year. The eurozone is projected to fall by about 8%. It is clear that this is the result not only of the effective measures but also of different structure of the economy. But still the interconnectedness of the economies and the integration worked," Andrei Klepach said.
The expert noted that, according to VEB.RF, one of the risks facing the EAEU will be slower economic growth than that in the world. "In many ways, this is a challenge for Russia. Therefore accelerating the growth is important," he said.
Andrei Klepach stressed that unlike the European Union, the EAEU has not yet implemented its major projects, which would give a tangible effect for all Eurasian countries. "In this regard, the role of the EDB and the role of VEB, other development banks is very important. If we can work together and create an effective co-lending mechanism, then the integration will have a real economic meaning," he concluded.
The First Eurasian Congress has been organized by the Eurasian Development Bank (EDB). Its major themes include the prospects for a Greater Eurasia, the potential of economic integration and the possibility of leveling the economic development and well-being of citizens of the EAEU countries.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies of its member states. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
