Eurasian Development Bank says economic growth in member countries to speed up to 2.2% in 2018

21.02.2018 15:17
Eurasian Development Bank says economic growth in member countries to speed up to 2.2% in 2018

YEREVAN, February 21. /ARKA/. In 2017, the economies of the Eurasian Development Bank member countries adapted themselves to adverse outside impacts and took the road of a steady economic growth, the Eurasian Development Bank analysts say in the latest issue of their quarterly review.

They say the member countries show economic growth, since outside development improved, the monetary policy was mitigated and fiscal motivation appeared.

GDP growth in the member countries’ space stood at 1.8% in 2017 after a 0.1% decline in 2016. Trade in the territory started rallying.

Trade turnover in the Eurasian Economic Union amounted to USD 48.8 billion in Jan-Nov 2017 or 126.4% to the indicator recorded at the same period a year before.

Monetary policy showed certain success. Inflation fell to the record low - 4.6% in Belarus in December 2017. Russia accounted for 2.5% inflation. Inflation in the remaining member countries didn’t exceed the projected indicators.

According to the Eurasian Development Bank analysts’ forecast, GDP will grow 2.2% in the member countries.

They predicted 3% to Armenia, 2.6% to Belarus, 3.7% to Kazakhstan, 4.2% to Kyrgyzstan, 2% to Russia and 7.3% to Tajikistan.

The record low three-percent inflation in the region in 2017 will be followed by four-percent inflation in 2018.

The analysts say inflation in Armenia is expected to stand at 3.4% in 2018, in Belarus at 6%, in Kazakhstan at 5.8%, in Kyrgyzstan at 4.7%, in Russia at 3.8% and in Tajikistan at 6.1%.

“The effective work of the budget rules will make it possible to weaken the nominal exchange rate dependence on oil prices in the region’s flagship economies and will contribute to stabilization of the Eurasian Development Bank member countries’ mutual foreign exchange rates,” said Yaroslav Lissovolik, Chief Economist at the Euraisan Developmnet Bank. -0---

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