Alexander Apokin: Currency interaction of EEU countries is the most sensitive sphere
"Currency interaction of EEU countries is the most sensitive sphere," Alexander Apokin, the head of the world economy research team at the Center for Macroeconomic Analysis and Short-Term Forecasting said today at the 10th International Conference "Eurasian Economic Integration."
According to him, foreign exchange fluctuations and the loss of positions by the national currencies of the countries of the Eurasian Economic Union in 2014-2015 became a serious lesson for all countries of the union. Developments in the foreign exchange market showed that none of them has a substantial barrier to protect national currency from sharp fluctuations.
"The fact is that in case of a devaluation of ruble in Russia, similar processes are taking place in other countries of the Union, albeit on a smaller scale. Therefore, for the further development it is necessary to understand the degree of difference and contingency of macroeconomic and monetary policy. It is also important to understand what will happen to the union," Alexander Apokin concluded.
"Earlier the EEU countries had a similar GDP growth, now the same rates in Armenia and Kyrgyzstan differ significantly. If we take as a basis long-term forecasts of global financial institutions, so in the next few years the growth of the Russian economy will make up 1.5-2 percent. The slowdown will be observed in the rest EEU countries. In Armenia and Kyrgyzstan, it may be about 3.5 percent, in Kazakhstan - 4 percent," the expert added.