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17 May 2018

Plans to raise Belarus’ GDP to $60bn in 2018

MINSK, 17 May (BelTA) – There are plans to raise the GDP to $60 billion in Belarus in 2018, BelTA learned from Belarusian First Deputy Economy Minister Dmitry Krutoi during the 11th international applied science conference Economic Growth of the Republic of Belarus: Globalization, Innovations, Sustainability on 17 May.

The official said: “Our GDP peaked at about $80 billion in 2014. This year we expect it to reach $60 billion.” Dmitry Krutoi reminded that instructions had been given to raise the GDP to $100 billion by the end of 2025. “In the medium term we are talking about building a new structure of the economy capable of securing such a result,” he stressed.

The Belarusian first deputy economy minister explained that work to secure the GDP target has been successful so far this year. “A small decline in comparison with Q1 2018 was fully predictable. We expected that figure primarily due to the growing base of last year when we had slightly different volumes on the market of oil products as part of the April agreements on oil and gas with Russia. The effect of the base is slightly eroding now. We expect we will be able to secure 3.5% GDP growth this year,” he noted.

The GDP growth will be secured by export and by the growing domestic demand. “As far as export is concerned, virtually all our traditional positions are on the rise. The best news is the growing investment export — vehicles, equipment, machine tools. We are regaining presence on our traditional markets in terms of the physical volume and the cost terms,” said Dmitry Krutoi. He specified he was referring not only to Russia but the markets of other CIS states and Asian countries.

In early May the EBRD reviewed its Belarusian economy growth forecast upwards. Dmitry Krutoi pointed out that Belarus tightly cooperates with this international financial institution. “The EBRD is a financial institution, which is always reluctant to revise its macroeconomic evaluations. We had a joint annual meeting in early May. During the meeting we convinced our colleagues from this bank that the Belarusian economy growth indicators are stable,” stated the official.

The 11th international applied science conference Economic Growth of the Republic of Belarus: Globalization, Innovation, Sustainability is taking place in the Belarusian State Economic University. Over 400 people are taking part in the conference.

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