Yearender: Eurasian countries share development, mutually profitable co-op in 2011

POSITIVE TREND IN ECONOMIC DEVELOPMENT

According to Xinhua, the aftershock of the financial crisis is still affecting the world in 2011. However, many Eurasian countries have witnessed positive economic growth and sustainable development, which have contributed to the global economic growth and general stability.

Russia, the region's biggest economy, has kept its development momentum and amassed rich foreign exchange reserves.

According to the latest report released by the Economic Development Ministry, the economic growth in Russia this year would reach 4.2 percent, higher than the previous forecast of 4.1 percent.

Russian Prime Minister Vladimir Putin said in November that his country was ready to help the European Union combat the financial crisis in the eurozone.

"The situation in the Russian economy is stable enough," Putin said, adding that Russia would completely recover from the crisis by early 2012.

Kazakhstan, located in the heart of Central Asia, has developed the measures in 2011 to prevent the attack of another wave of global financial crises.

Kazakh authorities increased pensions and wages of teachers and state officials. In the first ten months of 2011, the country's gross domestic product (GDP) rose by 7.2 percent.

In Kyrgyzstan, one of the least developed former Soviet states, the government also took measures to stimulate economic growth, strengthen the fight against corruption, and speed up privatization. The budget deficit of the country has started to decrease in fast pace.

In Ukraine, on the west edge of the region, the GDP grew by 5.3 percent in the first 10 months of 2011. In Mongolia, the economy was growing especially fast, with the GDP growth being estimated at 21 percent by the end of 2011.

POLITICAL STABILITY SAFEGUARDS GROWTH

The stable political situation in Eurasian region has played a key role in safeguarding the economic boom, experts say.

In Russia, the year ends with the State Duma elections. Although the results showed a decrease of popularity for the ruling United Russia party led by Putin, it remains the biggest party in the Russian Parliament.

It is widely expected that after the presidential elections in 2012, Putin will return to the Kremlin, and the new State Duma will continue to support the policy of the United Russia party. The continuity of the state policies will probably secure further economic development.

In Kazakhstan, President Nursultan Nazarbayev was re-elected in April, vowing to keep reforming the state's political system, gradually enhance the power of parliament and political parties, increase the responsibilities of the local authorities and the judicial system, and fight extremism.

In Uzbekistan, several constitutional amendments were adopted to reduce the presidential tenure from seven to five years. In this way, the parliament's functions as well as its role in economic and social reforms have been strengthened.

The main positive political event in Kyrgyzstan this year was the presidential elections in October, when peaceful power transition was realized for the first time in the country's history.

PLURALISM, INTEGRATION BOOST GROWTH

Under the shadow of the global financial crisis, the Eurasian countries have tried to avoid the fate of European and Mideast nations and have enhanced their integration.

Firstly, these countries strengthened their cooperation within the regional structures, such as the Shanghai Cooperation Organization (SCO).

Upholding the principles of mutual trust, mutual benefit, equality and aspiration for joint development, the SCO has played an important role in regional issues.

Kazakh Prime Minister Karim Masimov noted that the SCO has created a platform not only for trade and economic cooperation between its member states, but also for the joint fight against the world financial crisis.

Secondly, a new impulse for integration has appeared among the Customs Union countries, Commonwealth of Independent States (CIS) and other unions.

Last October, in St. Petersburg, the CIS countries signed a new treaty on a free trade zone to replace the old one signed in 1994.

Experts believe the new free trade treaty will facilitate the accessibility of the markets of the member states, and deepen the integration of the economies within the CIS.

Also, in November in Russia, Belarus and Kazakhstan agreed to establish the Eurasian Economic Union (EEU) aimed at moving the former Soviet republics closer together.

Local analysts believe the EEU, initiated by Putin, would boost the subregional economic cooperation.

The progress and development witnessed by the Eurasian region in 2011 are expected to contribute to the establishment of a new, just international political and economic order after the world has experienced massive changes in the outgoing year.

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