Belarus’ 2025 GDP target unchanged at $100 billion - Economy Ministry
<p> MINSK, 22 May - PrimePress. Belarus’ end-of-2025 target for GDP still stands at $100 billion, said Economy Minister Alexander Chervyakov. </p> <p> </p> <p> “One shouldn’t forget that the end-of-2025 guidance for GDP growth is clearly defined: $100 billion. It is primarily due to the necessity to achieve a wage level that will reduce labour migration and preserve our human resource potential and improve people’s welfare. Building an economy that is capable of achieving this level is a key task for all of us,” Chervyakov said in an interview with the state-run Respublika daily. </p> <p> </p> <p> In his words, now that the conditions have changed, the Belarusian authorities will have to reassess previously defined drivers of economic growth. “In particular, not so long ago, tourism and transport were seen as promising drivers of growth, but now we have to reconsider these positions,” said Chervyakov. </p> <p> </p> <p> “If we talk about the main sectors - industry and agriculture, the food industry will be less subject to transformation. Automotive, machine building, instrumentation and optics, chemistry and petrochemicals will remain priority sectors because of the importance of the products they produce to ensure the lives and safety of our people. It is very important to retain the necessary competencies that we have in these industries, and understanding that our country should remain an industrial state - this is our advantage and perspective,” said Chervyakov. </p> <p> </p> <p> At the same time, in his opinion, it is necessary “to look at those systemic problems that exist in industry”. In particular, he mentioned low efficiency of many enterprises, high costs, non-optimized technological and business processes. </p> <p> </p> <p> “Under current conditions, with a sharp decline in customer orders and revenues, it is necessary to retain personnel and competencies. It is better to pay two-thirds of the salary according to the legislation in case of forced idle time than to produce to stock, which would wash away companies’ circulating assets. Of course, this is an extreme measure, it is unpopular, but in these conditions it is economically rational. In addition, the reduction of non-core assets, optimization of production areas and other measures can serve to reduce costs,” Chervyakov said. End </p>
2020-05-23
Primepress
Belarus’ 2025 GDP target unchanged at $100 billion - Economy Ministry
MINSK, 22 May - PrimePress. Belarus’ end-of-2025 target for GDP still stands at $100 billion, said Economy Minister Alexander Chervyakov.
“One shouldn’t forget that the end-of-2025 guidance for GDP growth is clearly defined: $100 billion. It is primarily due to the necessity to achieve a wage level that will reduce labour migration and preserve our human resource potential and improve people’s welfare. Building an economy that is capable of achieving this level is a key task for all of us,” Chervyakov said in an interview with the state-run Respublika daily.
In his words, now that the conditions have changed, the Belarusian authorities will have to reassess previously defined drivers of economic growth. “In particular, not so long ago, tourism and transport were seen as promising drivers of growth, but now we have to reconsider these positions,” said Chervyakov.
“If we talk about the main sectors - industry and agriculture, the food industry will be less subject to transformation. Automotive, machine building, instrumentation and optics, chemistry and petrochemicals will remain priority sectors because of the importance of the products they produce to ensure the lives and safety of our people. It is very important to retain the necessary competencies that we have in these industries, and understanding that our country should remain an industrial state - this is our advantage and perspective,” said Chervyakov.
At the same time, in his opinion, it is necessary “to look at those systemic problems that exist in industry”. In particular, he mentioned low efficiency of many enterprises, high costs, non-optimized technological and business processes.
“Under current conditions, with a sharp decline in customer orders and revenues, it is necessary to retain personnel and competencies. It is better to pay two-thirds of the salary according to the legislation in case of forced idle time than to produce to stock, which would wash away companies’ circulating assets. Of course, this is an extreme measure, it is unpopular, but in these conditions it is economically rational. In addition, the reduction of non-core assets, optimization of production areas and other measures can serve to reduce costs,” Chervyakov said. End