Macroeconomic Review – Eurasian Development Bank

The Russian economy faced challenging external economic conditions in the first half of this year. The COVID-19 pandemic resulted in an unprecedented decline in global economic activity and volume of international trade. Lockdown restrictions considerably weakened consumer and investment demand and fostered a slowdown in inflation along with a fall in energy prices. These conditions compelled monetary regulators in both developed and developing countries to ease their monetary policy, while fiscal bodies unveiled large-scale anti-crisis packages to help the population and business 02 October 2020

The Belarusian economy faced challenging external economic conditions in the first half of this year. The COVID-19 pandemic resulted in an unprecedented decline in global economic activity and volume of international trade. Lockdown restrictions considerably weakened consumer and investment demand and fostered a slowdown in inflation along with a fall in energy prices. These conditions compelled monetary regulators in both developed and developing countries to ease their monetary policy, while fiscal bodies unveiled large-scale anti-crisis packages to help individuals and business 02 October 2020

The EDB Member countries’ operating conditions changed substantially in late March and early April 2020. Tightened quarantine responses to the COVID-19 pandemic in the major economies caused the global economic growth outlook to be reassessed for the worse. The unprecedented measures taken by the authorities of most of the Bank’s member countries to contain the spread of the disease, in addition to the fall of external demand and commodity prices, are exerting a considerable effect on economic activity in the region. Consequently, we have updated the projections of our member countries’ key macroeconomic indicators in the light of the above factors. 27 April 2020

The growth of the Tajik economy accelerated in 2019 amid households’ strong consumer activity and rising output in the mining and metallurgical complex and agriculture. The EDB projects the country’s GDP growth to keep within the 7–7.5% range in 2020–2022, despite the adverse effects of the coronavirus epidemic, as the budget’s social spending increases and metallurgy output grows. Later on, economic growth will trend towards its potential rate that we estimate at 7%. 13 April 2020