Business news

Factors to drive Belarusian economy’s growth in 2023 identified

MINSK, 25 October (BelTA) – Prime Minister of Belarus Roman Golovchenko has mentioned the key factors that will drive the growth of the Belarusian economy next year. The factors were identified at a session of the Council of Ministers, BelTA has learned.

Roman Golovchenko said: “The first one is rapid growth of domestic demand due to rising fixed-capital investments. There are plans to implement 129 regional projects, 51 import-substituting projects, and 14 integration projects worth Br1.4 billion. The projects have sources and mechanisms of funding. Apart from that, 4.3 million m2 of housing will be built, including 1.3 million m2 with state support.”

A 5.5% increase in export is the second factor. The Economy Ministry expects that the development of foreign markets will allow increasing foreign currency earnings by $2.5 billion. Export to Russia is expected to rise by $1.4 billion while export to China is supposed to grow by $300 million.

According to Roman Golovchenko, key targets of the government’s and the central bank’s work for the year 2023 remain unchanged except for the inflation target, which the Economy Ministry has adjusted following the head of state’s conference with the economic block. “Let me remind you the main numbers: the GDP growth rate is supposed to reach 103.8%, the real disposable cash income of the population is supposed to grow by 4.1%, with the real salary expected to rise by 4.6%. Fixed-capital investments are supposed to go up by 22.3%. Inflation has to be 7-8% at most. All the most important parameters are balanced with each other,” the head of government stressed.

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