The Eurasian Intergovernmental Council considered a report on the macroeconomic situation in the states of the Eurasian Economic Union and proposals for sustainable economic development, which the Eurasian Economic Commission annually provides to the EAEU countries.
The EEC Minister for Integration and Macroeconomics, Eldar Alisherov, noted that the new configuration of trade, transport and logistics routes, labor migration and financial flows in the region, along with an active economic policy, served as an incentive for economic growth in the EAEU. According to him, trade, financial and industrial ties in the Union have demonstrated resilience, and the economy has the ability to adapt to new changing conditions.
According to the EEC’s preliminary estimate, the EAEU’s total GDP grew by 4% in 2024, which is higher than the global average growth rate (3.2%) and initial forecasts. The value of mutual trade in goods continued to grow at a higher rate in 2024 compared to foreign and mutual trade in other integration associations and will reach almost 100 billion US dollars by 2026.
Eldar Alisherov stressed that favorable conditions have developed in the economies that promote growth and convergence of income levels. This was facilitated by the high rates of economic growth achieved over the past two years, capital accumulation, as well as an increase in employment. The unemployment rate has reached a historically low level of 3%, while investment growth remains at a high level of more than 8.2%.
“Increased investments in network industries such as telecommunications, transport and electric power can help ensure sustainable economic development. They should be aimed primarily at overcoming infrastructure bottlenecks related to the reorientation of trade flows, improving transport and logistical connectivity of the economies of the member states, and supporting labor mobility,” – Eldar Alisherov concluded.
A report on the macroeconomic situation in the member States of the Eurasian Economic Union and proposals for sustainable economic development is prepared annually in accordance with article 62 of the Treaty on the Eurasian Economic Union.
