The economies of the Eurasian Economic Union (EAEU) member states are capable of adapting to serious global challenges, Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said during the international investment teleconference "From Recovery to Sustainable Growth", BelTA has learned.
"Of course, the Eurasian Economic Union economies are facing some difficulties. However, the situation is not critical, especially in the manufacturing industry, and this suggests that the economies of the EAEU states have made much progress and are able to adapt to serious global challenges. For example, agricultural output increased by 1.3%; growth was mostly reported by Belarus, Armenia, Kyrgyzstan. It is very important that there was no sharp rise in inflation," Mikhail Myasnikovich said.
In January-May 2020, the EAEU foreign trade shrank by more than 16% down to $246.5 billion. "Oil was the main contributor to that. This must be taken into consideration. As far as mutual trade is concerned, it dropped by 15% to $19.6 billion. But now we are already witnessing a rather robust growth. This shows that cooperation between the EAEU states is strong," Mikhail Myasnikovich said.