Eurasian Economic Commission highlights strong growth across EAEU member states in 2024

The Eurasian Economic Commission has summarized the results for 2024.

Economic growth was observed across all member states of the Eurasian Economic Union (EAEU) last year, Caliber.Az reports, citing the Eurasian Economic Commission.

The Eurasian Economic Commission presented GDP dynamics for the first three quarters of 2024. The results highlight Kyrgyzstan’s leadership with an impressive growth rate of 8.4 per cent. Armenia follows with 6 per cent. Belarus ranks third with a growth of 4.5 per cent, followed by Russia at 4.2 per cent and Kazakhstan at 4.1 per cent.

Overall, the combined GDP of the EAEU member states increased by 4.2 per cent. In December 2024, the Eurasian Development Bank published its Macroeconomic Forecast for the EAEU member states.

Bank analysts expect a gradual return to balanced GDP growth rates in the region. GDP growth is forecasted for 2025 as follows: Armenia – 5.5 per cent, Belarus – 2.6 per cent, Kazakhstan – 5.5 per cent, Kyrgyzstan – 8.7 per cent, and Russia – 2.4 per cent.

According to the forecasts, the economies of Russia and Belarus are expected to maintain high growth rates in 2025, at 2.4 per cent and 2.6 per cent, respectively. In Russia, economic expansion will be supported by budgetary stimulus and increased exports to China. In Belarus, the key drivers of growth will be higher demand from Russia and strong consumer activity. Analysts also predict a slowdown in inflation, driven by high interest rates and a deceleration in lending. Currently, the EAEU includes five countries, namely, Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

The Eurasian Economic Union is an international organisation for regional economic integration. It has international legal personality and is established by the Treaty on the Eurasian Economic Union. The EAEU provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union. The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.

The Union is being created to comprehensively upgrade, raise the competitiveness of and cooperation between the national economies, and to promote stable development in order to raise the living standards of the nations of the Member-States.

By Naila Huseynova