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18 Aug 2020

Eurasian Development Bank expects revival of member states’ economies

Eurasian Development Bank expects revival of member states’ economies
Photo courtesy of the EDB

MINSK, 18 August (BelTA) – The Eurasian Development Bank (EDB) predicts a gradual revival of the economies of its member countries, BelTA learned from the EDB macroeconomic review of July 2020.

In Q2 2020, most countries of the region reported a decrease in the GDP. The sharpest decline was seen in Kyrgyzstan and Russia.

According to the EDB analysts, the economic recession in Belarus slowed down significantly. The slowdown was possible thanks to greater domestic consumption and external demand amid the gradual improvement of the epidemiological situation and relaxation of quarantine measures abroad. However, the analysts’ assessment of Belarus’ prospects for further revival of economic activity is more reserved.

In order to mitigate the economic and social impact of the COVID-19 pandemic, the EDB member countries are taking fiscal and monetary support measures. In Q2 2020, the deficit of state budgets of the countries in the region increased significantly. The state support measures are targeting the hardest-hit sectors and households. They include providing financial assistance to businesses, facilitating access to preferential loans, and supporting people’s income as well as easing administrative and regulatory burden and taxes. The monetary regulators continued easing monetary policies in July in order to facilitate the revival of economic activity.

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