EDB analysts noted the high economic growth rates in the countries of the EDB region in the EDB Macroeconomic Outlook 2023. Despite a slowdown in global business activity, Armenia’s GDP grew by 12,5%, while Tajikistan’s GDP grew by 8,2% in the first five months of the year. Armenia and Tajikistan have the highest economic growth rates, according to the July EDB Macroeconomic Outlook.
Kazakhstan’s GDP grew by 4,5%, and Kyrgyzstan’s GDP — by 3,4%. According to the Macroeconomic Outlook, the economies of Russia and Belarus returned to the positive zone with 0,6% and 0,9% GDP growth, respectively, in 5 months.
Inflation in the region slowed down. Price growth in the region passed its peak, and inflation slowed from 12,4% y/y in December 2022 to 4,2% y/y in May 2023. According to the Outlook, inflation is below the targets in Belarus, Russia and Tajikistan, while deflation was recorded in Armenia in June. Price growth in Kazakhstan slowed down for the fourth month in a row.
As was reported, the EDB will earmark $650 million for priority projects in Tajikistan.
