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Indonesian Economy: Solid Gross Domestic Product (GDP) Growth in 2018

Indonesia’s economic growth continued to accelerate in 2018. Based on data from Statistics Indonesia (Badan Pusat Statistik, or BPS), which were released in early February 2019, the country’s gross domestic product (GDP) expanded 5.17 percent year-on-year (y/y) in full-year 2018, up from a growth rate of 5.07 percent in the preceding year.

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Supreme Eurasian Economic Council expanded meeting

The Supreme Eurasian Economic Council was held on 6 December 2018 in St. Petersburg.

As Russian President Vladimir Putin who chaired a meeting noted, the combined GDP of the EAEU member states increased by 2 percent in January-June. Industrial production has grown by 3.3 percent and agricultural output by 2.4 percent.

The EAEU’s positions in international rating have improved, including in Doing Business 2018, where it has moved up to the 31st place. In 2017, we ranked 40th among the world’s 190 economies.

A regulatory and institutional framework has been developed for the launch of the EAEU unified digital space. The Union’s 2019 budget, which we will adopt today, includes significant funds for the implementation of large digital projects.

In September, representatives of central banks signed an agreement on harmonising legislation related to financial markets. This was a big step towards forming a common financial space.

Russian President suggested discussing the issue of creating a common calculating structure using modern financial technology in the Union. It would allow to improve the stability of our countries’ national payment systems and make them less dependent on the US dollar and other foreign currencies and increase economic sovereignty.

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Kazakhstan: Staff Concluding Statement of an IMF Staff Visit

On 28 November 2018, the IMF staff issued a concluding statement describes the preliminary findings at the end of an official staff visit in Kazakhstan. The IMF staff team visited Kazakhstan during November 6-14, 2018 to review developments, prospects, and policies. Discussions focused on the outlook and risks, monetary policy and operations, the financial sector, budget execution, the 2019 budget, the fiscal framework, and structural reforms. The team thanks the authorities and other counterparts for excellent cooperation and productive discussions.
According to the document, an economic growth in the country was strong in the first half of 2018 at 4.2 percent, led by manufacturing, oil, and a recovery of credit growth. With base effects from high growth in late 2017, the team forecasts growth of 3.7 percent in 2018, and as oil production gains moderate, 3.1 percent in 2019. Inflation has come down to 5.3 percent in October. Stronger exports, especially oil, have supported improvement of the current account. For the medium term, the team projects a pickup of non-oil growth to 4 percent, reflecting structural reforms and financial sector repair. Risks are from lower commodity prices, geopolitical and trade tensions affecting major trading partners, and possible gaps in implementation of reforms.

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