The Eurasian Development Bank (EDB) has presented its Macroeconomic Outlook for 2026–2028. According to EDB analysts, investment activity and domestic demand will remain the key drivers of growth in most countries of the region, despite moderate global economic expansion and persistently elevated interest rates.
The region’s GDP is projected to expand by 2.3% in 2026, with the Kyrgyz Republic (9.3%), Tajikistan (8.1%), Uzbekistan (6.8%) and Kazakhstan (5.5%) remaining the growth leaders.
Inflation will continue to slow down to 6.3% in 2026, supported by prudent monetary policy.
Investment remains the key driver of growth in the region, particularly in manufacturing, mining, energy and construction.
Commodity markets are expected to show divergent trends: oil prices will decline slightly, while metal and gold prices will remain elevated.
The US dollar is gradually losing its share in central bank reserves, while its role in settlements remains stable.
The EDB’s Macroeconomic Outlook presents a preliminary overview of economic developments in the Bank’s member states for 2025, along with key macroeconomic projections for 2026 as well as for 2027 and 2028.
EDB analysts expect aggregate GDP growth across the seven member states to reach 2.3% in 2026, with most countries maintaining high levels of economic activity. In 2026, GDP growth is projected at 5.3% in Armenia, 1.8% in Belarus, 5.5% in Kazakhstan, 9.3% in the Kyrgyz Republic, 1.4% in Russia, 8.1% in Tajikistan and 6.8% in Uzbekistan.
