Business news

10 Nov 2023

Minister: Belarusian economy is growing faster than world average

Photo courtesy of the Economy Ministry

BREST, 10 November (BelTA) - The Belarusian economy is growing at a faster rate than the world average, Belarusian Economy Minister Aleksandr Chervyakov said at a joint meeting of the collegiums of the Belarusian Economy Ministry and the Ministry of Economic Development of the Russian Federation in Brest, BelTA has learned.

"Our countries are confidently moving along the path towards deeper integration. We are focused on ensuring the sustainability of the economy and improving the well-being of our peoples. Contrary to the expectations of our opponents and unlike them, our countries have ensured the economic growth. The growth rate of the Belarusian economy is higher than the world average: in January-September it was 3.5%. We are set to reach 3.8% by the end of 2023. Major contributors are the manufacturing sector, construction and trade. Business is successfully adapting to the current conditions,” Aleksandr Chervyakov noted.

He noted that since last year Belarus has adjusted its foreign strategy o. “We have redirected exports to the markets of friendly countries and made up for the losses of last year. The withdrawal of Western suppliers and manufacturers has made it possible for us to increase our presence in the Russian market. The share of Belarusian goods in Russian imports of machinery, equipment, vehicles, chemical products, timber and ferrous metal products has increased significantly. Trade with Asian countries is growing. We are tapping into promising African markets; the domestic market is reviving. Real incomes and wages continue to grow. Inflation has been contained. I would like to note that the current rate of inflation is the lowest we have ever had," the economy minister stressed.

Brest is hosting the joint meeting of the collegiums of the Belarusian Economy Ministry and the Ministry of Economic Development of the Russian Federation. The delegations are led by Belarusian Economy Minister Aleksandr Chervyakov and Minister of Economic Development of the Russian Federation Maksim Reshetnikov. The meeting is attended by Chairman of the Brest Oblast Executive Committee Yuri Shuleiko, Belarusian Sport and Tourism Minister Sergei Kovalchuk, State Secretary of the Union State Dmitry Mezentsev.

One of the main items on the agenda is the status of the plan of action to implement the Union State Treaty for 2021-2023 and the Union State programs and the preparation of the action plan for 2024-2026. The parties are set to discuss the progress in the Union State program to converge macroeconomic policy and the forecast of the social and economic development of the Union State. The participants will also review the investment cooperation, the approximation of legislation in tourism and will consider proposals for the creation of a tourist information center of the Union State.

Following the meeting the parties are set to sign a number of documents, including a memorandum of cooperation between the Ministry of Economic Development of Russia and the Economy Ministry of Belarus on special (free) economic zones, an agreement on cooperation in tourism and a roadmap for the development of tourism for 2023-2024 between the Ministry of Economic Development of the Russian Federation, the Sport and Tourism Ministry and the Ministry of Economy of Belarus.



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