Eurasian Economic Commission proposes economic support measures
«The spread of the COVID-19 coronavirus caused the disruption of global supply chains, wrought havoc on financial markets and hit key economic sectors. Economic forecasts suggest that global trade may shrink by 15-35% in 2020,» the press service noted.
Strict social distancing measures cost the majority of economies the average of 2% of GDP every month. The European Union is experiencing a sharp decline in economic activity. China's economic growth is decelerating, while China accounts for the bulk of foreign trade of the EAEU member states. Commodity prices may remain low because of the slowing demand.
«The EAEU member states have passed and are implementing temporary emergency measures aimed to maintain economic stability amidst the pandemic. There are proposals to consider new anti-crisis measures in macroeconomic and monetary policy. They include stabilization of currency exchange rates, neutralization of speculative attacks, protection of financial markets from destabilization threats and maintaining stability and security in the currency and financial system of the Eurasian Economic Union,» the press service informed.
The Eurasian Economic Commission believes that the negative trends in the EAEU economies can be offset by more active trade and economic cooperation with the Shanghai Cooperation Organization member states and and a bigger involvement of the EAEU countries in the Belt and Road project. «The number one task is to pass the EAEU economic integration strategies for the period till 2025 and to implement the measures set forth by these strategies without delay,» the press service noted, Kazinform refers to BelTA.