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1 Oct 2020

Economy Ministry identifies growth of salaries, GDP, investments as main goals for 2021

Economy Ministry identifies growth of salaries, GDP, investments as main goals for 2021

MINSK, 1 October (BelTA) – The draft goal plan for developing the Belarusian economy in 2021 provides for an increase in salaries, the GDP, and investments, BelTA learned from Belarusian Economy Minister Aleksandr Chervyakov at a session of the Council of Ministers’ Presidium on 1 October.

The official said: “The Economy Ministry has submitted a number of documents for consideration [of the Council of Ministers’ Presidium], including a goal plan for developing the economy in 2021. It is a special document. We have not worked out one before now. Its main purpose is to secure steady growth of population earnings in 2021.”

Apart from that, it is necessary to restore the economy branches that have been affected by the COVID-19 pandemic and ensure GDP growth in addition to starting a new five-year investment cycle.

According to Aleksandr Chervyakov, with this in mind the plan provides for accomplishing five main tasks. The first one is related to the implementation of measures to raise salaries. Tying labor productivity to the growth of salaries will be the key factor.

“The second task is related to the activation of the investment cycle. It is crucial to ensure growing demand on the home market because investors are unwilling to operate on a falling market. It is very important to also provide guarantees to investors and reduce their risks,” Aleksandr Chervyakov noted.

The top five tasks include export growth, the enhancement of the financial stability of state-run enterprises, the development of regions, and the reduction of interregional differentiation.

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