Myasnikovich: Eurasian Economic Union fared better economically than EU during pandemic

The Eurasian Economic Union fared better economically amid the the COVID-19 pandemic than the EU countries, Chairman of the EEC Board Mikhail Myasnikovich told media, BelTA has learned. Mikhail Myasnikovich noted that the challenges of 2020, including the COVID-19 pandemic and the large-scale economic recession, require an even greater awareness of the importance of the integration between the Eurasian Economic Union and the CIS.

“2020 was a difficult year in all respects: the GDP of the EAEU decreased by 3.9%,” he said. “To compare: the GDP of the European Union fell by 7.2%. Germany shrank by 5.4%, the UK - by 10%. The EAEU’s GDP per capita remained almsot at the level of the previous year - $27,700 in terms of purchasing power parity in the previous year.” Despite the difficulties, the EAEU posted growth in several important sectors of the economy. Manufacturing expanded by 0.4% over 2019 and agriculture added 2.3%. “This is very important, because these industries, especially manufacturing, have high-performance jobs, while agriculture means food security,” Mikhail Myasnikovich noted.