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Opinions & Interviews

28 Apr 2018

New economy branches, IT development to raise Belarus’ GDP up to $100bn

New economy branches, IT development to raise Belarus’ GDP up to $100bn

MINSK, 28 April (BelTA) – New branches of the economy and the development of information technologies can increase Belarus’ GDP up to $100 billion. Belarusian Economy Minister Vladimir Zinovsky made the statement as he commented on results of the country’s social and economic development in Q1 2018, which were discussed by the Council of Ministers on 28 April, BelTA has learned.

The head of state has given instructions to raise the country’s GDP up to at least $100 billion by the end of the next five-year term. “It is unlikely we will be able to do that with conventional kinds of economic activities. This is why raising foreign direct investments instead of debts will lead to the development of new economy branches. Information technologies should be assimilated in existing and new industries,” said Vladimir Zinovsky.

In his words, serious work needs to be done in 2018-2020 to lay the foundation for increasing the GDP up to $100 billion.

Speaking about economic results in Q1 2018, Vladimir Zinovsky remarked that the macroeconomic parameters were satisfactory. The country is on track to hit the annual growth rate targets. In January-March Belarus’ GDP grew by 5.1%. The industrial output and agricultural output were on the rise as well as fixed-capital investments. “But we shouldn’t flatter ourselves due to these growth rates. There are reasons for concern, which we have to carefully look into today and possibly fix some things,” pointed out the economy minister.

The growth of the Belarusian economy slowed down in March. It is an alarming trend considering the fact that the economic growth was primarily fueled by the favorable foreign market situation and the higher revenues drove the domestic demand. However, in the long term one should bet on other sources of economic growth, believes Vladimir Zinovsky. “We have to make new, quality products, make and sell more of them in order to preserve and increase the predicted GDP, thus creating the foundation for 2019 and 2020, for the successful end of the current five-year term,” he added.

Apart from that, setting up new manufacturing enterprises and creating jobs, particularly high-performance ones, remain pressing matters for the economic bloc.

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