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Time in Yerevan: 11:07,   29 March 2024

Macroeconomic challenges to be tackled by regional integration, says ECC Chairman

Macroeconomic challenges to be tackled by regional integration, says ECC Chairman

YEREVAN, MAY 25, ARMENPRESS. Chairman of the Eurasian Economic Commission Tigran Sargsyan delivered a speech at the IMF regional conference in Astana on May 24 during which he spoke about the macroeconomic challenges throughout the world, press service of the EAEU informed “Armenpress”.

Sargsyan said a number of changes occurred in the world during the last 10-15 years which had an impact on the macroeconomic situation.  

“First of all, changes became more rapid and unpredictable. The daily agenda of the leaders rapidly changes, new challenges and risks, as well as new opportunities arise. Secondly, the world became smaller, and the economic cooperation between states has deepened. Moreover, the GDP growth rates are ahead of the external trade rates. Macroeconomic policies and projects are not enough. It is worth remembering the fluctuations of national currencies that significantly changed the macroeconomic situation. Small economies were especially affected by those changes since there was a threat of losing their export potential. Thus, this enforced all states to take stabilization measures”.

Tigran Sargsyan said deepening the regional integration is the response of states in the region to the contemporary challenges. “Especially, today, the Eurasian Economic Union and the Eurasian Economic Commission deal with this issue”, he stated. “We aim to set up dialogue in coordinating macroeconomic policies of our member states in order to ensure mutual cooperation, predictability and sustainable development in case of reaching the targeted rates of inflation, as well as to jointly response to current challenges”.

“Sometimes it seems that is it possible to quickly increase the GDP growth potential, however, this growth will be unstable, and the economy will be affected by the unfavorable external factors to a great extent. Thus, the deepening of regional economic integration can contribute to the macroeconomic stability and sustainable economic growth”, Tigran Sargsyan stated.








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