Bishkek, Oct. 13, 2026 /Kabar/. The Eurasian Fund for Stabilization and Development (EFSD) notes a global trend of slowing economic growth. These data are presented in the EFSD's revised forecast.
External factors are becoming increasingly uneven and unpredictable. Logistical disruptions and the global fuel crisis are affecting the stability of most regions, and, in one way or another, this impacts the countries of the Eurasian partnership. Nevertheless, the EFSD points out that Armenia, Kazakhstan, Kyrgyzstan, and Tajikistan will maintain growth rates above the global average, with our country remaining among the leaders.
"The global economy is slowing down amidst the conflict in the Middle East, rising energy and transportation costs, and tighter global financial conditions. The EFSD expects global GDP growth in 2026 not to exceed 3%," the updated review states.
The Russian economy is slowing down in 2026 due to high financing costs, supply-side constraints, and a temporary decline in oil refining output. However, starting next year and continuing through 2029, key indicators will normalize, and Russia will return to its previous GDP growth rates.
Armenia and Kazakhstan are projected to expand their economies by 5–6% in 2026, while Belarus will see growth of 2%. Tajikistan will reach a figure just under 8%. Kyrgyzstan will maintain its regional lead, with its GDP expanding by 9.7%.
In this context, experts note that high domestic demand in the country will gradually ease toward moderate, equilibrium levels, which could slightly slow economic growth. At the same time, however, this will reduce price pressures; over a three-year horizon, inflation in Kyrgyzstan is expected to slow down and reach target levels.
Substantial capital expenditure and the implementation of major infrastructure projects will underpin Kyrgyzstan’s economic growth, ensuring its rate of expansion remains among the highest in the region.
"The primary challenge for economic policy is now to strike a balance between sustaining growth and maintaining price, fiscal, and external stability," emphasizes Sergey Ulatov, Chief Economist at the EFSD.
Overall, experts believe the economies of the partner countries are undergoing a robust transformation as they adapt to changing realities. The next step for these partner nations should be the development of a strategy that fosters conditions for long-term growth and stable regional development.
