The
Eurasian Economic Union States have not yet been able to achieve growth rates
higher than the global ones. This is largely due to the macroeconomic policies
being implemented in the countries. The economic growth can be promoted by
developing industries being drivers of the new technological paradigm. This was
stated by Sergei Glazyev, Minister in charge of Integration and Macroeconomics
of the Eurasian Economic Commission, on November 26 at the international
seminar "COVID-19 Pandemic: Symptoms and Treatment of the World Economy”.
As Sergei Glazyev emphasized, the pandemic has significantly accelerated
structural changes in the world economy. There is a differentiation in the
world economy depending on the efficiency of the economic development
governance system in the countries. In particular, the center of global
activity is moving to South-East Asia. China is the only country demonstrating
positive growth rates this year.
"When it comes to the EAEU States, we have not yet been able to achieve
growth rates higher than the global ones," Sergei Glazyev noted.
"As far as I can see, this is largely due to the macroeconomic policy
being implemented. The EAEU States still have extremely low capital
accumulation rates, low rates of investment activity growth and have capital
leakage which indicates that the economic development governance system is
working suboptimally".
Along with that, he has focused on the fact that the EAEU countries have growth
in those industries that are drivers of the new technological paradigm.
"Rapid growth in pharmaceuticals, manufacturing of medicinal products,
medical devices and total increase in economic activity in health care stand
out in the EAEU States,” Sergei Glazyev noted.
According to the Public Statistics Services of the EAEU countries,
manufacturing of pharmaceuticals in January-October 2020 increased by 23.5%
compared to the same period in 2019 in Armenia, it increased by 11% in Belarus,
by 40% in Kazakhstan, by 180% in Kyrgyzstan, and by 21% in Russia.
The EEC Minister has added that trends related to informatization, development
of bioengineering technologies, robotics and introduction of digital
technologies are accelerating; so, the EAEU countries should keep up with the
times. He has stressed that the States of the new technological paradigm's core
maintain currency control rates, strictly monitor transboundary capital flows,
are selective in monetary policy, promote the investment development by forming
targeted investment lending tools, provide affordable long-term lending to
priority areas of economic development and keep monetary circulation under
strict state control.
Sergei Glazyev has stated that in the new conditions, the main direction of
international economic cooperation is not so much the liberalization of the
world economy, as the combination of competitive advantages of different
countries around increasing joint investment, principally infrastructure
investment.
"We in the Eurasian Economic Union actively cooperate with China
within coupling with the Belt and Road Initiative. The pillar of our cooperation
is joint investment based on a combination of our competitive advantages and
creating common rules we have enshrined in our agreement," Sergei
Glazyev concluded.
The International Macroeconomic Seminar is held by the EEC jointly with the
Interstate Bank. The Seminar is traditionally devoted to discussing the most
relevant challenges and risks of the global and regional economy as well as
promising areas of integration cooperation between the EAEU States. The
discussion was attended by representatives of international organizations,
integration associations, national and supranational regulatory bodies,
development institutions and academia.