News

EFSD economists have improved credit gap estimation, adopting it to emerging market credit cycles

Today, a formal signing ceremony for the Agreement between the Government of the Republic of Armenia and the Eurasian Fund for Stabilization and Development (EFSD) on the Fund's presence in the country took place in Yerevan.

The Eurasian Fund for Stabilization and Development (EFSD) has released an update to its interactive Database, reflecting approved financing results in the region for 2025.

The economies of the member states of the Eurasian Fund for Stabilization and Development (EFSD) maintained steady growth throughout 2022–2025; however, a slowdown is expected in the medium term against a backdrop of high inflation and intensifying external risks. Key tasks for most states in the region will include curbing inflationary pressures and ensuring long-term fiscal sustainability.

Analysts from the Eurasian Fund for Stabilization and Development (EFSD) have prepared a working paper entitled GDP Nowcasting: From Traditional Econometric Models to Machine Learning Algorithms.

A significant trend in the region has been a more pronounced slowdown in Russia's economy in the first half of the year than it was initially expected. The cooling of the Russian economy has not yet had a significant effect on other economies in the region, except for Belarus, where the economic momentum has notably weakened.

The EFSD continues to publish the regular Regional Economic Outlook (REO)

In early 2025, the region’s economies showed varying growth rates, shaped by both domestic factors and external conditions. The Kyrgyz Republic and Tajikistan recorded the strongest performance in Q1 2025, with GDP growth of 13.1% and 8.2% YoY, respectively. This growth was driven by the construction sector, strong domestic demand and remittances from migrant workers. Meanwhile, Russia’s economy entered a cooling phase, with GDP growth slowing to 1.4% YoY and a decline in industrial output. Kazakhstan’s economy remained relatively resilient, with GDP growing by 5.6% YoY, although quarterly figures point to a deceleration following strong growth in Q4 2024.

Representatives of the Eurasian Fund for Stabilization and Development (EFSD) took part in a series of Central Asia Regional Economic Cooperation (CAREC) programme events focused on fostering sustainable economic growth and enhancing connectivity in the region

The Kyrgyz Republic has completed the reconstruction of a 67-km section of the Bishkek–Osh road between Madaniyat and Jalal-Abad. This highway is a vital transport artery linking the country’s northern and southern regions and plays a pivotal role in its economic development

A delegation from the Eurasian Fund for Stabilization and Development (EFSD), led by Armen Poghosyan, Director of the Infrastructure and Social Finance Department, paid a working visit to Armenia’s Ministry of Territorial Administration and Infrastructure