Economic Development of the EAEU during the COVID Pandemic and Prospects for Integration Cooperation
DOI:
https://doi.org/10.17059/ekon.reg.2023–3-21Keywords:
Eurasian Economic Union, EAEU, pandemic, COVID, economic integration, sustainable economic development, integration union, GDP, trade relations, economic crisisAbstract
In the post-pandemic period, research on integration unions gained importance due to the increasing regionalisation. The article assesses economic development of the Eurasian Economic Union (EAEU) considering the events of 2020–2022 and examines the prospects for integration cooperation within the Union. By analysing the economic development of the EAEU countries in the context of the COVID-19 pandemic, the study aims to identify its changes and determine integration prospects. It is hypothesised that the pandemic has activated the integration cooperation mechanism of the EAEU in the trade and economic fields and clarified the prospects within the Union. Methods of economic and statistical, structural and comparative analysis were used to monitor changes in key indicators of economic development of the EAEU. Gross domestic product (GDP) of the EAEU decreased by 11.9 % in 2020; however, it has already shown an increase of 4.4 % in 2021, even though three waves of the pandemic were recorded that year. This indicator continued to grow in 2022, despite the economic sanctions against Russia and Belarus. While mutual and foreign trade declined in 2020, only these indicators significantly increased in 2021 and 2022. Among other unions, the EAEU is leading in terms of mutual trade growth in the period 2021–2022, indicating the possibility of economic success of the macroregion in this area. The study proved that the EAEU should establish a new strategy to provide mutual assistance in case of crisis. The findings contribute to the study of the economics of integration associations, and can be used to create economic development strategies for the EAEU. Future research may examine the impact of sanctions against individual members on the economic development of the EAEU.
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