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Opinions & Interviews

15 Nov 2018

IMF projects Belarus’ economic growth at 3.5-3.7% in 2018

IMF projects Belarus’ economic growth at 3.5-3.7% in 2018

MINSK, 15 November (BelTA) – In line with projections of the International Monetary Fund, Belarus’ economy will expand by 3.5-3.7% in 2018, head of the IMF mission to Belarus Jacques Miniane told reporters on 15 November, BelTA has learned.

“Belarus’ economy remains on track to recovery, which is cyclical, not structural. For this year we project economic growth at 3.5-3.7%. Such an outlook is based on a number of factors: oil prices are higher than expected, prices for a number of export commodities are higher, external demand was pretty good, average salary grew at a fast pace,” Jacques Miniane said. In 2019 the IMF projects GDP growth in Belarus at 2.5%.

He also pointed to macroeconomic factors determining economic vulnerabilities in Belarus, like the country’s dependence on subsidized energy import from Russia and a high level of dollarization. The International Monetary Fund recommends Belarus to take advantage of economic recovery to keep reducing vulnerabilities and building up growth capacity.

Article IV consultations with the IMF have concluded in Belarus.

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