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17 Jun 2020

EDB economies on track for recovery

EDB economies on track for recovery
Photo courtesy of the Eurasian Development Bank

MINSK, 17 June (BelTA) -  The economies of the member countries of the Eurasian Development Bank have started showing signs of recovery. Such data are cited by analysts of the bank in the EDB information and analytical review for May 2020, BelTA has learned.

“In May 2020, the process of gradual lifting of lockdown restrictions started in many countries, including in the EDB region. States, keeping in mind the epidemiological situation, are implementing measures to restore the economic sector. The leading indicators show that the decline in business activity may slow down by the end of May. The economy of the region has started to move towards recovery. The EDB member states are likely to emerge unevenly from this situation, including due to different fiscal stimuli and differences in epidemiological conditions,” analysts of the bank said.

According to analysts, the greatest losses due to the pandemic were incurred by service organizations. Significant deterioration of the situation was observed in the wholesale and retail trade, tourism and restaurant industries, sectors providing other paid services to the public. Measures of social isolation, suspension of operation of certain organizations and slowed credit activity had a negative impact on domestic consumer demand.

Large losses have been recorded in light industry sectors (textile and clothing, footwear, leather and leather goods). The partial reorientation towards the production of face masks and protective suits smoothed the decline in these industries. Weakened domestic and external demand, isolation measures and limited connectivity between states have worsened transport sector performance.

The COVID-19 pandemic has least affected the enterprises of the EDB member countries that produce food and pharmaceutical products, the construction sector, as well as the continuous cycle industries (mining, petrochemical industry).

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