The Eurasian Development Bank (EDB) has released its latest Macroeconomic Review for the Bank’s six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
According to EDB analysts, despite the challenging foreign economic environment, the region where the Bank operates continues to display robust growth. In early 2024, short-term economic activity indicators demonstrated sustained high GDP growth rates.
In January and February 2024, economic activity in Armenia accelerated to 13.6% YoY, propelled by a dynamic increase in industrial output.
Belarus’s economy grew by 4% YoY during the same period, driven, among other things, by growth in industrial production and retailing.
Kazakhstan’s economy expanded by 4.2% YoY in January and February 2024, fuelled by capital investment.
Kyrgyzstan experienced a GDP growth rate surge to 8.6% YoY in January–February 2024, largely due to intensified investment activity, which spiked to 55.0% YoY.
In Russia, industrial production remains the primary driver of economic growth. In January–February 2024, the nation’s GDP grew by 6.0% YoY.
Tajikistan maintains high growth rates, supported by strong domestic demand in January–February 2024, driven by both consumption and investment.
The review says that domestic demand in these countries is propelled by national projects, such as increased public investment in Armenia, import substitution programs in Belarus and Russia, and the development of mechanical engineering in Kazakhstan and energy sectors in Kyrgyzstan and Tajikistan.
