Business news

“The economic recovery in the EDB countries in H1 was the reason for the revision of the 2017 GDP forecast. Russia's GDP growth forecast was improved by 0.3% to 1.3%. This will add 0.1% to the GDP growth for Belarus at the end of the year,” the review reads.

Previously the EDB projected 1.3% GDP growth for Belarus.

“The restoration of global commodity prices coupled with the weakening of currency imbalances had a positive impact on trade flows of the EDB countries. All countries, except Armenia, saw a decrease in the export of goods and services in Q1 2016. This year the positive export growth has been demonstrated by all EDB countries without exception,” the review says.

In addition, the recovery of economic activity accompanied by weakening inflationary risks had a positive impact on living standards in the region. The EDB noted poverty reduction in five of the six countries in 2016. In Q1 2017, unlike the similar period last year, real wages showed positive dynamics in all EDB countries, with the exception of Kazakhstan where the pace of reduction slowed down.