Mutual trade turnover and remittances growth indicates the EDB countries economic recovery

Almaty. July 5. Silkroadnews – The volume of mutual trade turnover and remittances contribute to the EDB countries economic recovery, KyrTAG reports with reference to the monthly macroeconomic survey by the group of the EDB chief economist.
In the second quarter of 2017 there was an improvement observed in the economic dynamics of the Eurasian Development Bank (EDB) member states. Behind such a situation was restoration of the key “communication channels” in the region, primarily mutual trade and remittances sectors.
The report shows, as of this May volume of remittances throughout the EDB states have reached the positive dynamics. E.g. in Kyrgyzstan the positive growth rates of remittances have been observed since last year (21.6% growth on results of 2016), while in Armenia remittances growth reached positive dynamics only at the beginning of the year and in May 2017 exceeded 40% in dollar terms compared to the same period of last year. In Tajikistan, after more than a 70% decline in the volume of remittances in the first quarter of 2016, in the first quarter of this year remittances grew by 1.3% (according to data by the Central Bank of Russia).
In terms of foreign trade, the Armenian economy continues to show significant results: a significant growth has been observed in exports (this May around 40% growth was recorded compared to the same period last year) both in the raw materials and food segments. A similar picture is observed in Kyrgyzstan, where along with high rates of growth in gold exports (a 1.5 times increase in January-April 2017 compared to the same period of 2016), there was a significant growth observed in exports of textiles (a 1.5 times increase in January-April 2017 compared to the same period in 2016) and agricultural products (growth of about 2 times in January-April 2017 compared to the same period in 2016).
“In general, the growth in mutual trade is observed in all EDB countries, which creates the prerequisites for a more sustainable recovery of the dynamics of the countries of the region in the coming years”, Yaroslav Lissovolik, chief economist of the EDB, says.