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PM: Overheating is not a concern for Belarusian economy
BYKHOV DISTRICT, 7 August (BelTA) - Overheating is not a concern for the Belarusian economy, Prime Minister Roman Golovchenko told the media during a working visit to Mogilev Oblast, BelTA has learned.
Against the backdrop of the news that the Russian economy may be in danger of overheating, some so-called experts began to argue that the Belarusian economic model may be facing something similar.
"The Russian Federation conducts its own economic policy. We run our own. In Russia, the structure of budget expenditures is slightly different. It is difficult to comment on the overheating predictions by the so-called experts. They frame all economic news solely in a negative way to scare people who are not very versed in economic matters," the prime minister stressed. "Their news reels always have a negative connotation: wage or output growth is not a good thing and some ‘experts would explain why and so on."
As for the overheating of the economy, the prime minister assured that this is not a concern for the Belarusian economy.
"Overheating is an economic category that denotes a situation in which GDP growth exceeds potential. This is what the first symptom looks like,” Roman Golovchenko said. “The second symptom is the active growth of wages and consumption. This all causes an imbalance."
Roman Golovchenko noted that all economic decisions in Belarus take into account the risk of negative consequences. "I assure you that there are very professional people working in the economic team of the government, our banking system, who know and understand all these things perfectly well," he said.
The prime minister noted that the growth of wages, production, lending in Belarus is within absolutely acceptable parameters. "Our relevant economic services are constantly monitoring the situation. There is a matrix, which uses all internationally approved approaches to monitor the so-called overheating of the economy. It contains 80 parameters and we monitor them," Roman Golovchenko emphasized. “Therefore, I can assure you that all these parameters are in the green zone. We do not see any risk at the moment".
The statements that there's a lot of money in Belarus and that the country keeps printing are baseless. "They speak about the low level of understanding of economic processes by some individuals," he emphasized.
The monetization ratio of the Belarusian economy is quite low. "There could be even more money in our economy, but so far we see no need for additional credit support of the banking system," Roman Golovchenko noted.
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