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Opinions & Interviews

2 Jul 2019

Belarus’ GDP projected to reach $61bn in 2019

Belarus’ GDP projected to reach $61bn in 2019

SMOLEVICHI DISTRICT, 2 July (BelTA) – The Economy Ministry expects Belarus’ GDP to reach $61 billion in 2019, BelTA learned from Belarusian Economy Minister Dmitry Krutoi during the Belt and Road Forum for Regional Cooperation and Development held in the China-Belarus industrial park Great Stone on 2 July within the framework of the Belt and Road initiative.

The official said: “The head of state has set an ambitious task: the gross domestic product is supposed to reach $100 billion by 2025 while we estimate Belarus’ GDP will be $61 billion in 2019. In other words, the GDP is supposed to grow by nearly 1.7 times.” In his words, in order to reach this goal, it will be necessary to pursue an aggressive investment and export policy and enable extremely comfortable conditions for doing business.

The economy minister noted that on the whole Belarus tries to keep up with the world’s average growth rate. In 2018 Belarus’ GDP grew by 3%. The sphere of services is the main driver. Export was close to $9 billion. It was a record high figure for Belarus. Apart from that, low inflation was secured in Belarus, the situation with the state fund and the preservation of the gold and foreign exchange reserves was stabilized. The prosperity of citizens is on the rise (7.5% up since the beginning of the year).

Belarus trades with over 180 countries. Belarus focuses on high-tech products (medical equipment, pharmaceutics, composite materials) as well as services (information technologies, tourism, transport, civil engineering). Belarus is the world’s second largest exporter of potash fertilizers and computer services per capita. Belarus is the world’s fourth largest seller of haul trucks and the eighth largest exporter of dairy products. The country keeps up with all the international trends in the area of digital economy. The IT share in the GDP has been doubled and now stands at 5.5%. The figure is comparable to industries like civil engineering, transportation, and agriculture.

The Belt and Road Forum for Regional Cooperation and Development is taking place in the China-Belarus industrial park Great Stone today within the framework of the Belt and Road initiative. The key topic of the forum is Great Stone Industrial Park – Global Opportunities. It is the first large-scale event held in the park in continuation of the Belt and Road Forum for International Cooperation, which took place in Beijing in April 2019. The forum’s organizers are the Belarusian Economy Ministry and the Commerce Ministry of the People’s Republic of China. The co-organizers are the Belarusian Chamber of Commerce and Industry, the Trade Development Bureau of the Chinese Commerce Ministry, the administration of the China-Belarus industrial park Great Stone, the National Agency of Investment and Privatization, and SZAO Industrial Park Development Company.

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