Growth of EAEU Economies Outpaces Global Averages

On the positive dynamics of economic development and the strengthening of integration ties within the Eurasian Economic Union, on 13 August at a conference in the village of Bostry, Issyk-Kul region, Kyrgyzstan, dedicated to the 10th anniversary of Kyrgyzstan's accession to the EAEU, Alexey Vedev, Director of the EEC's Macroeconomic Policy Department, spoke about the positive dynamics of economic development and the strengthening of integration ties within the Eurasian Economic Union.

In particular, he noted that the Union's aggregate GDP grew by 17.8% between 2015 and 2024, and in absolute terms by almost $1 trillion. The EAEU's share in the global economy increased from 3.7% to 4.1% during this period. At the same time, the growth rates of the member states' economies have outpaced the global average over the past few years.

As for Kyrgyzstan, its GDP grew by 56.4%, investment in fixed capital increased by 47%, real wages rose by more than one and a half times, and the unemployment rate fell significantly.

There is a noticeable integration effect in the Union countries in mutual trade in goods and services, as well as in the field of labour migration. The largest contribution of integration to GDP was noted in Armenia and Kyrgyzstan. Overall, the contribution of integration to the EAEU is estimated at 1.65% of GDP, or about $40 billion.

The head of the EEC department noted the importance of signing the EAEU Treaty in 2014, followed by Strategy-2025 — key documents for building the Commission's work with member states in various sectors of the economy — and recalled that activities within the Union until 2045 are based on the Declaration ‘The Eurasian Economic Way.’

Among the integration measures reflected in the Declaration, Alexei Vedev highlighted the introduction of innovative approaches in the agro-industrial complex, the development of technologies in the field of energy efficiency and renewable energy, and the creation of a common space for cooperation in the field of technological development.