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Opinions & Interviews

7 May 2018

Opinion: Belarus' GDP growth may exceed 3.5% given positive trends on foreign markets

Opinion: Belarus' GDP growth may exceed 3.5% given positive trends on foreign markets

MINSK, 7 May (BelTA) – GDP growth in Belarus in 2018 may exceed 3.5% given a favorable situation on foreign markets, Belarus Economy Minister Vladimir Zinovsky said in an interview with the ONT TV channel, BelTA informs.

Belarus needs to make the maximum use of the current positive trends on foreign markets, including the prices for oil and potash fertilizers. “It would be great if we boosted the economy not only through raw materials and oil refining. We need to develop production at modernized enterprises, such as woodworking, light industry, and others. We have conditions for that. As you know, the forecast for GDP growth for 2018 year is 3.5%. The first three months showed that we can make a faster movement forward given a favorable situation on foreign markets GDP grew 5.1%,” Vladimir Zinovsky said.

At the same time, he noted that a reasonable balance should be maintained between the allocation of budget funds to the social sector and the modernization of enterprises. “In all countries, the budget is a kind of a social fund. We have a large segment of state enterprises. The funds are allocated for promising investment projects. However, investing in enterprises, we expect bigger returns in the form of taxes and other payments,” said Vladimir Zinovsky.

“Our major goals are to reduce debts and increase salaries. The labor productivity at enterprises should exceed the wage rise. Then we will be able to get a good balance and a growth of income,” the minister said.

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