The Eurasian Development Bank (EDB) has released the latest Macroeconomic Review for the Bank’s six member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
EDB’s analysts note that most member countries continue to display robust growth: the aggregate GDP of the EDB’s region of operations increased by 4.6% YoY in January-June 2024, after an increase of 3.9% in 2023.
Kazakhstan’s economy is recovering from the consequences of spring floods, as evidenced by leading indicators. The GDP grew by 3% YoY in the first half of 2024, fueled by an increase in industrial production and the service sector.
Kyrgyzstan experienced a GDP growth rate surge to 8.7% YoY in January–July 2024, largely due to intensified investment activity.
In the first half of 2024, Tajikistan maintained a high GDP growth rate of 8.2% YoY, supported by strong domestic demand driven by both consumption and investment.
Investment activity continues to grow in most countries of the region. Kazakhstan is building up its strategy for the development of mechanical engineering, planning to expand the program to other sectors. Investment growth in Kyrgyzstan is largely driven by investment in energy, transport and extractive industries, while Tajikistan keeps actively investing in energy facility construction.
Inflation remains heterogeneous across the region: in Armenia, Kyrgyzstan and Tajikistan, inflation dropped below target levels. inflation in Russia and Kazakhstan continues to stay above target levels.
