The economies of the countries of the Eurasian Economic Union (EAEU) — Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan — will grow by an average of 4.5 percent annually until 2030. A forecast by experts from the Russian Academy of Sciences (RAS), who analyzed the possibilities for increasing labor productivity and output in the EAEU countries, says.
As noted, the EU GDP grew by less than 1 percent by the end of 2024. Taking this into account, the document says, the EU’s economic growth is expected to remain at no more than 1.5 percent annually in the coming years, making the projected EAEU growth rate three times higher.
The forecast says that the key driver of economic development in EAEU countries will be the labor market, where it is necessary to increase productivity through technological innovation and stimulating employee motivation.
Experts recommend prioritizing the development of manufacturing and agriculture sectors.
However, the RAS noted that achieving a 4.5 percent economic growth rate is contingent on the absence of certain risks, including geopolitical instability.
