Macroeconomic reports

Search by tag
Show from
till

06 May 2022

April 2022. Republic of Tajikistan: Social and economic development in 2021 and medium-term prospective
In 2021, all sectors of the economy of the Republic of Tajikistan experienced a rapid recovery from the growth deceleration due to the COVID-19 pandemic. As a result, the real GDP grew by 9.2% in 2021. In the context of conservative fiscal policy, it was evidenced by declining budget deficit and public debt, down to 1.8% of GDP and 42.8% of GDP, respectively. Growing gold exports, accompanied by a gradual recovery of remittances and foreign investments, generated a current account surplus and contributed to further accumulation of reserves by the National Bank of Tajikistan and stronger stability of the balance of payments in 2021. Monetary policy was aimed at containing inflation, which was greatly impacted by rising world prices for food and commodities and depreciation of the local currency. The liquidation of two distressed commercial banks contributed to rehabilitation and stronger performance of the financial sector

April 2022. Republic of Tajikistan: Social and economic development in 2021 and medium-term prospective

06 May 2022

April 2022. Republic of Belarus: Social and economic development in 2021 and medium-term prospective
In 2021, the key driver of Belarus' economic growth of 2.3% was high external demand attributable to the global economic recovery. Business activity was also supported by stronger household consumption against the background of delayed demand of the previous year and continued growth of real incomes of the population, despite a significant contraction of consumer lending. At the same time, the high uncertainty of the business environment, against the backdrop of sanctions, resulted in markedly subdued investment activity. However, the economic sanctions imposed during the year by a number of Western countries and the United States had a limited impact on foreign trade as they mostly applied only to new contracts

April 2022. Republic of Belarus: Social and economic development in 2021 and medium-term prospective

06 May 2022

April 2022. Republic of Armenia: Social and economic development in 2021 and medium-term prospective
In 2021, due to an improvement in both internal and external demand, the economy of the Republic of Armenia demonstrated high recovery growth of 5.7%. As a result of continued price growth in world food markets, as well as a rapid recovery in the domestic demand, inflation accelerated to 7.1%, exceeding the target of the Central Bank. Against the background of mounting inflation risks, the monetary conditions tightened. The fiscal position improved due to the fiscal policy getting less expansionary, which was consistent with the Government's plans for smooth consolidation. Improved terms of trade, stronger external demand, and a recovery in remittances contributed to a lower current account deficit, down to 1.3% of GDP, which was financed with net inflows under the financial account

April 2022. Republic of Armenia: Social and economic development in 2021 and medium-term prospective

06 May 2022

April 2022. Kyrgyz Republic: Social and economic development in 2021 and medium-term prospective
In 2021, in the aftermath of the COVID-19 pandemic with its negative impacts, the economy of the Kyrgyz Republic demonstrated recovery growth of 3.6%. The key drivers of the growth were retail trade, services, and industrial production. At the same time, there was a drop in agricultural production due to a drought and a decline in construction. In addition to the impact of the drought, the shock associated with the world prices for food and petroleum products pushed the growth of inflation. The National Bank of the Kyrgyz Republic responded to that by raising the key interest rate sharply. In the context of growing tax and non-tax revenues and prudent spending policies, the state budget deficit amounted to only 0.2% of GDP

April 2022. Kyrgyz Republic: Social and economic development in 2021 and medium-term prospective

04 June 2021

March 2021. Kyrgyz Republic: Social and economic development in 2020 and medium-term prospective
The reduction in foreign trade operations, the weakening of the Kyrgyz som, together with the difficulties encountered with the movement of goods during the state of emergency and the increase in socio-political tensions at the end of the year affected a sharp decline in economic activity and an increase in inflation. Under the negative impact of the COVID-19 pandemic, GDP fell by 8.6% in 2020, and inflation accelerated to 9.7% by the end of the year from 3.1% a year earlier. Against the background of a strong reduction in the volume of imports of goods, and the growth of gold prices, the current account balance formed with a surplus. Significant amounts of donor assistance have helped to increase the level of international reserves, and have helped to finance public spending on the fight against the pandemic against the background of declining state budget revenues.

March 2021. Kyrgyz Republic: Social and economic development in 2020 and medium-term prospective

04 June 2021

March 2021. Republic of Tajikistan: Social and economic development in 2020 and medium-term prospective
The COVID-19 pandemic led to a slowdown in economic growth in Tajikistan to 4.5% against 7.5% a year earlier, however, due to the lower spread of the virus in the republic than expected, most economic indicators showed more favorable dynamics than expected at the beginning of the crisis. Despite the reduction in government revenues, the budget deficit remained practically unchanged, due to the reduction in non-priority spending. The improvement in the trade balance, driven by lower consumer and investment imports, as well as strong growth in gold exports, led to a current account surplus despite a decline in remittance inflows.

March 2021. Republic of Tajikistan: Social and economic development in 2020 and medium-term prospective

04 June 2021

March 2021. Republic of Belarus: Social and economic development in 2020 and medium-term prospective
Refraining from quarantine measures combined with support to the state-owned enterprises prevented a deep economic recession in the Republic of Belarus. In 2020, the country's GDP contracted by 0.9 percent compared to growth by 1.4% in 2019. Net export was the only factor contributed to economic growth. The reduction in the export of petroleum products and the growth of state support for enterprises became the main factors behind the budget deficit, which amounted to 1.6% of GDP against a surplus of 2.3% GDP previous year. At the same time the non-primary export volumes increase and their import volumes decrease contributed to almost balanced CAB against 2% GDP deficit in 2019.

March 2021. Republic of Belarus: Social and economic development in 2020 and medium-term prospective

04 June 2021

March 2021. Republic of Armenia: Social and economic development in 2020 and medium-term prospective
The COVID-19 pandemic and the Nagorno-Karabakh military conflict had a significant negative impact on the economic activities in the Republic of Armenia. In 2020, the real GDP dropped by 7.6 percent compared to its growth by 7.6 percent a year earlier due to the reductions   both internal and external demand.  Against this background, there was a decrease in the volume of tax revenues, and an increase in budget expenditures to support the population and the economy, causing an increase in the budget deficit to 5.4% of GDP against 1% of GDP a year earlier. Lower physical volumes of imports as a result of compressed consumer and investment demand, contributed to lower current account deficit.

March 2021. Republic of Armenia: Social and economic development in 2020 and medium-term prospective

02 November 2020

September 2020. Republic of Tajikistan: Recent social and economic trends and short-term prospective
In the first half of 2020 Tajikistan’s economy suffered negative impact of COVID-19 pandemic and corresponding external shocks. The primary effect of pandemic on economy was realized via external trade channel. The decline of global demand and production led to diminished volumes of exports and imports, investment and remittances. That in turn resulted in depreciation of local currency. The decline of real income and salaries along with contraction of foreign investment led to significant slowdown in GDP growth. Budget revenues has decreased significantly due to economic support measures (which were implemented via tax exemptions) and worsened financial performance of SOE.

September 2020. Republic of Tajikistan: Recent social and economic trends and short-term prospective

02 November 2020

September 2020. Kyrgyz Republic: Recent social and economic trends and short-term prospective
In the first half of 2020, the Kyrgyz economy was negatively affected by the COVID-19 pandemic and other external shocks. The impact of the spread of COVID-19 on the economy of the Kyrgyz Republic began to manifest itself through the foreign trade channel. The decline in global demand and production led to a reduction in foreign trade turnover, investment and remittances, which affected the weakening of the Som exchange rate.

September 2020. Kyrgyz Republic: Recent social and economic trends and short-term prospective

Top

2021