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24 June 2022, 18:52

EEC: With accelerated sci-tech development Belarus' GDP may rise 2.7 times by 2040

Photo courtesy of EEC press service
Photo courtesy of EEC press service

MOSCOW, 24 June (BelTA) – In a scenario of accelered scientific and technological development, Belarus' GDP may grow 2.7-fold by 2040. The data is contained in the report “On the priorities and long-term forecasts for the scientific and technological development of the Eurasian Economic Union”, approved at the meeting of the Board of the Eurasian Economic Commission (EEC), BelTA learned from the EEC press service.

According to the report, the GDP of Kyrgyzstan may increase 2.4 times under the scenario described. Additional GDP growth in Armenia, Kazakhstan and Russia may amount to 35-40%.

Among the main priorities of scientific and technological development of the EAEU member states are information and communication technologies; biotechnology, pharmacology and medicine; machine-building technologies; new materials and fuel production technologies; new technologies in agriculture; technologies in the extractive industries.

“Significant effects from scientific and technological expansion can be expected over a period of 5-10 years. The recommendations to the report note however that the factors limiting the full implementation of the scenario include the lack of targeted financial resources and qualified personnel in breakthrough technical and economic areas,” the EEC stressed.

The main task of the EAEU long-term scientific and technological development in the next 20 years is to raise the economies of EAEU member states in the hierarchy of the global division of labor to the level of a producer and exporter of medium- and partially high-tech products.

“In order to accelerate scientific and technological development it is necessary to expand cooperation between the EAEU member states, which envisages the development of new markets and production chains supporting them, substitution of imports from third countries with domestic supplies, development of end-to-end digital technologies, and many more. This will ensure maximum efficiency of the EAEU market and implementation of its opportunities for businesses and consumers, development of the territory of innovations and scientific and technological achievements, unlocking of the potential of integration for people, improvement of their wellbeing and quality of life,” the EEC said.

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