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Snopkov: Belarus' economy growing above global average for second year
MINSK, 22 October (BelTA) – For the second year in a row the Belarusian economy has been growing at a rate higher than the world average, First Deputy Prime Minister Nikolai Snopkov said at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus in Minsk on 22 October, BelTA has learned.
"For the second year in a row, the economy has been growing above the global average. In January-September of this year, the economy rose by 4.5%, exceeding the government's annual target of 3.8%," Nikolai Snopkov said.
He noted that for the third consecutive year, the government has been implementing a mobilization model of the economy. "We have set specific targets for production, exports, cost reduction and financial results and we monitor their achievement on a weekly basis. As a result, the manufacturing sector has expanded by 6.4% in the last nine months. In general, it has grown by at least 5-6% over the last two years," he emphasized.
The demand for products has allowed the country to utilize its capacities fully and boost sales. "In 2023, the country manufactured a five-year record number of trucks, cars, dump trucks, combine harvesters, TV sets, microwave ovens, and other products. Over the five-year period, the capacity utilization has increased to 77%. The share of innovative products has went up from 16% to 22.2% over the past five years," Nikolai Snopkov added.
He also noted that the country has updated the legal framework of economic planning and forecasting and adopted the relevant law. "We have engaged science and technology in achieving the social and economic development goals through the project ideas of the comprehensive forecast of science and technology progress. The country's long-term development documents - the National Strategy for Sustainable Development until 2040 and the comprehensive forecast of science and technology progress are now interconnected. We have introduced an important obligatory element into the planning system – industrial strategies for at least a 10-year period. We have created operational plans based on the project ideas. At the moment there are already 17 of them, including those in mechanical engineering, metallurgy, pharmaceuticals, oil processing, peat, grain, starch, oil and fat raw materials, etc. mechanical engineering, metallurgical production, pharmaceuticals, processing of oil, peat, grain, starch, oil and fat raw materials, and others. There are more than 230 projects aimed at the growth of added value though the use of existing production facilities and developments," Nikolai Snopkov stated.
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