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Belarusian Economy Ministry expects GDP growth to accelerate in Q3 2019

MINSK, 9 July (BelTA) – The Belarusian Economy Ministry expects the country’s GDP growth to get faster starting Q3 2019. Belarusian Deputy Economy Minister Dmitry Yaroshevich made the relevant statement at the Fitch Ratings conference “Belarus in 2019: Review of the macroeconomic situation and the banking sector” on 9 July, BelTA has learned.

Dmitry Yaroshevich noted: “We expect faster growth as from Q3 2019. We projected such dynamics before.”

According to the Economy Ministry, the key factors contributing to faster growth will be restored positive dynamics in agriculture and redistribution of oil deliveries. The Economy Ministry also believes that the macroeconomic situation in Russia will get better.

Speaking about the GDP growth rate dropping to 101% in January-May 2019, Dmitry Yaroshevich explained the slowdown had been caused by external factors – trade wars all over the world, slower economy growth in Russia, and deliveries of polluted Russian oil to Belarus.

Dmitry Yaroshevich also said that they continue working with the World Bank on a roadmap designed to improve the effectiveness of the national economy. “The work does not proceed as fast as we would like since we have to bear in mind social factors, too. We practice a gradual approach to reforms,” the deputy economy minister said. Dmitry Yaroshevich added that the work proceeded in five main directions: assistance with support for and development of a stable financial sector, efforts to make state finance more stable, the improvement of the state debt management policy, the improvement of effectiveness of the real sector, and steady provision of energy services.

BelTA reported earlier that in accordance with the social and economic development guidelines Belarus’ GDP growth is supposed to reach 4% in 2019.

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