Union State Economy Booms: 4% Growth and Record Trade Turnover in 2024

The Union State (Belarus and Russia) showed impressive economic growth in 2024, according to a recent report. The economy expanded by 4%, exceeding expectations. Investments in fixed capital saw significant increases: 8% in Belarus and 7.5% in Russia. Real disposable incomes also rose, with a nearly 10% increase in Belarus and over 7% in Russia. Trade turnover reached a record high of $58 billion, a 7.5% increase year-on-year. Stanislav Yaskevich, an expert in the field, stated that "These figures demonstrate the effectiveness of the economic policies implemented within the Union State." The two countries are also working on mechanisms for preferential lending to further boost economic growth. Financial calculations between Belarus and Russia are predominantly conducted in national currencies, surpassing 95%, reaching 93% within the EAEU. This high level of integration contributes to economic stability and cooperation.