BRUSSELS. – All the CIS countries experienced a slump in output due to the transition period of the 90s. Now they are far behind the developed countries in terms of workforce productivity, and even richer countries of the Eastern Europe, reads the report issued by the experts of the Eurasian Development Bank (EDB).

However, majority of the CIS states are reaching Europeans, although the growth rate and the initial conditions vary greatly within the CIS.

Konstantin Fedorov, representing research department of the Bank, noted that “Armenia and Azerbaijan achieved success, while relatively high rates of workforce productivity were reached in Russia and Kazakhstan.”

Eurasian Development Bank (EDB) was founded in 2006 by Russia and Kazakhstan. It includes Russia, Kazakhstan, Belarus, Tajikistan and Armenia. 

Armenia became the full member of the EDB in 2009.