Consequences of regional economic integration: theoretical aspects and practice of the EAEU

Abstract

The economic consequences of regional integration are significant to the debate in Europe, the
United States and other countries around the world. The purpose of this study is to identify, on the basis
of research papers by foreign and domestic scientists, the positive and negative consequences of the
regional economic integration and the assessment of their manifestation in the economy of the EAEU
countries.
The scientific and practical significance of the work is as follows. Despite many years of experience
in world economic integration, there is still no consensus on the prevalence of positive or negative effects
of integration. We have studied and summarized a large theoretical and practical material on the
consequences of the regional integration and analyzed data on the member countries of the EAEU. The
analysis showed that membership in the EAEU has not yet shown significant positive effects for partner
countries. The dynamics and trends in the growth of integration effects in the EAEU cause some concern.
However, the reasons for these processes lie not in the group itself, but rather in the unfavorable situation
on the world market. The fall in the world market for oil and gas prices and the impact of currency
fluctuations on the market. Of course, all this has affected the domestic economic situation in the partner
countries. Since 2017, there has been a recovery in economic growth. In connection with the growth
of the economy for all countries will be characterized by the restoration of consumer demand. One of
the factors of growth will be investment activity in the EAEU states. Conditions for increasing the investment
activity of the private sector will be created, including through price stabilization. Thus, summing
up the results of our research, we hope that it will contribute to the scientific literature on the problems
of regional economic integration, proving a new approach to determining its effects. Our results show
that economic integration is not a zero-sum game and can be mutually beneficial for partner countries.