Monthly Macroeconomic Review. July 2023

Monthly Macroeconomic Review. July 2023

The Eurasian Development Bank (EDB) has released the latest issue of the Macroeconomic Review for its member states.

Analysts note that despite the cooling of global business activity EDB economies are experiencing robust growth.

The region's GDP increased by 1.1% in January-May 2023 after a 1.5% decline in 2022. The positive dynamics is due to the rapid adaptation of the region's economies to the changed operating conditions in 2022 and effective fiscal policy. The strengthening of national currencies and the administrative regulation of prices contributed to a decrease in inflation from 12.4% in December 2022 to 4.2% in May 2023.

According to the Bank's forecasts, the pace of economic growth in the countries of the region is limited by the decline in global demand. It is expected that the negative impact will be partially offset by the intensification of intra-regional cooperation.

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