Belarus’ 2021 budget bases on 3.5% GDP growth, Br2.4/$1 rate, oil at $40/bl
<p> MINSK, Jul 21 - PrimePress. The government of Belarus has drawn up the budget for 2021 based 3.5% year-on-year growth of GDP, the average annual dollar exchange rate at Br2.4/$1, and the price of crude oil at $40 per barrel, Prime Minister of Belarus Roman Golovchenko said at the session of the Presidium of the Council of Ministers of Belarus on July 21, the government’s press office reports. </p> <p> </p> <p> “The main requirement to the budget is that it should be well-balanced, and the servicing of public debt and social spending should be ensured. It is proposed to draft the budget for the next year based on a targeted economic development scenario: GDP at 103.5%, the average annual rate of the Belarusian ruble against the dollar around Br2.4, and the average annual oil price around $40 per barrel,” Golovchenko said. </p> <p> </p> <p> He said that GDP growth in 2020 is projected at zero. </p> <p> </p> <p> “The proposed economic growth forecast [in 2021] of 103.5% against this year’s estimate of 100% [zero GDP growth] is quite ambitious. More than a half of this growth–1.9 percentage points–is expected to be ensured by external demand. This task requires a distinct and elaborate export strategy,” Golovchenko said. </p> <p> </p> <p> The prime minister instructed the Ministry of Economy “to be creative when drafting commodity balances for the next year and add competitive items.” </p> <p> </p> <p> As previously reported, Belarus’ GDP decreased in January-June 2020 by 1.7% year on year to Br66.3 billion ($27.637 billion at the official rate of the National Bank of Belarus). In 2019, Belarus’ GDP grew by 1.2% year on year to Br131.952 billion ($55 billion), the official growth forecast being 4%. End </p>
2020-07-22
Primepress
MINSK, Jul 21 - PrimePress. The government of Belarus has drawn up the budget for 2021 based 3.5% year-on-year growth of GDP, the average annual dollar exchange rate at Br2.4/$1, and the price of crude oil at $40 per barrel, Prime Minister of Belarus Roman Golovchenko said at the session of the Presidium of the Council of Ministers of Belarus on July 21, the government’s press office reports.
“The main requirement to the budget is that it should be well-balanced, and the servicing of public debt and social spending should be ensured. It is proposed to draft the budget for the next year based on a targeted economic development scenario: GDP at 103.5%, the average annual rate of the Belarusian ruble against the dollar around Br2.4, and the average annual oil price around $40 per barrel,” Golovchenko said.
He said that GDP growth in 2020 is projected at zero.
“The proposed economic growth forecast [in 2021] of 103.5% against this year’s estimate of 100% [zero GDP growth] is quite ambitious. More than a half of this growth–1.9 percentage points–is expected to be ensured by external demand. This task requires a distinct and elaborate export strategy,” Golovchenko said.
The prime minister instructed the Ministry of Economy “to be creative when drafting commodity balances for the next year and add competitive items.”
As previously reported, Belarus’ GDP decreased in January-June 2020 by 1.7% year on year to Br66.3 billion ($27.637 billion at the official rate of the National Bank of Belarus). In 2019, Belarus’ GDP grew by 1.2% year on year to Br131.952 billion ($55 billion), the official growth forecast being 4%. End