NUR-SULTAN, July 7. /TASS/. Analysts of the Eurasian Development Bank (EDB) revised upward the outlook for GDP growth of its member-states (Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan) from 3.3% to 4% in 2021, the EDB press service said on Wednesday.

"The forecast of growth of the aggregate GDP of EDB member-countries was increased in the environment of strong support from the global economy by 0.7 percentage point to 4%. The review is largely driven by the improved estimate of Russian GDP growth in this year from 3.3% to 4.1%. The Russian economy is recovering quicker than expected. Oil prices are forming above the prior forecast and the huge amount of budget revenues will provide extra support for the business activity," the Bank said.

The EDB region of operations in the first half of the year did not stay away from global trends and the business activity was recovering very quickly, the Bank said. "Russia and Kazakhstan, according to our estimates, achieved pre-pandemic GDP figures in the second quarter. This became possible largely owing to state support measures and notable softening of the budget and monetary policy last year," the press service said.