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Belarus’ GDP growth projected at 3.8% in 2023

MINSK, 27 September (BelTA) – Belarus’ GDP is expected to grow by 3.8% in 2023, Belarusian Prime Minister Roman Golovchenko said at a meeting of the Presidium of the Council of Ministers in Minsk on 27 September, BelTA has learned.

The Presidium of the Council of Ministers is set to consider the draft forecast documents for 2023: the most important parameters of the social and economic development forecast, the monetary policy guidelines, the national budget and amendments to the Tax Code. “This package of documents will determine the trajectory of the country's movement next year,” Roman Golovchenko emphasized.

"The work took several months. Conceptual approaches have been prepared based on the instructions of the head of state and a proactive response to current challenges. The social and economic development forecast for 2023 aims to meet the economic growth parameters envisaged in the social and economic development program for the five-year period, despite the unprecedented sanctions to which the economy has nearly adapted.  The economic growth in 2023 is projected at the level of 3.8%. The task is not easy, especially in the context of sanctions, destroyed economic ties, imbalance and the ongoing restructuring of markets. To reach it, we need to work very hard," the prime minister emphasized.

As for the manufacturing industry, an increase of 2.4% should ensure a maximum volume of industrial output over the past 10 years.

"As we are planning to increase investment to the level of 20% of GDP, we need to clearly map out our work: projects, people responsible, sources of financing. All investment projects planned for implementation should be digitized into the online monitoring system by the end of the year," the head of government added.

The forecast documents propose a system of key performance indicators for managers and executives at all levels. For the government and the National Bank, such KPI will include the growth of GDP, real disposable incomes of the population and investments in fixed assets, exports of goods and services, consumer price index.

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