Belarusian government forecasts 2.9% GDP growth in 2022
<p> MINSK, Sep 21 - PrimePress. The government of Belarus has shared a forecasts saying it sees the country’s GDP expand 2.9% in 2022. Prime Minister of Belarus Roman Golovchenko stated that at the meeting of the Council of Ministers on 21 September, as the press service of the government informed. </p> <p> </p> <p> The GDP growth rate will be 102.9%, he said. The growth rate of the real disposable cash income is expected to reach 102%. Fixed-capital investments are supposed to grow by 3.3%. The export of merchandise and services is expected to rise by 6.3%. The key factors driving Belarusian economy growth in 2022 will be the rising foreign demand, which is supposed to contribute 1.8 percentage points to the GDP growth, and a balanced increase in domestic consumption without excessive pressure on the financial market and the forex market. According to the Economy Ministry's projections concerning the development of foreign markets, foreign currency proceeds can grow by $2.7 billion. The growth will have to rely primarily on higher export in physical terms, Golovchenko noted. </p> <p> </p> <p> In his words, next year’s budget has been put together taking into account the risks arising from the sanctions and an inertial scenario of development of the economy. The draft budget expects the GDP to grow by 1% while the target is set at 2.9%. This is why all the additional revenues the economy will generate will be accumulated in special reserve funds. In essence they represent an additional source for funding budget spending, including salary raises, and additional expenses that may be encountered during the year, the prime minister explained. </p> <p> </p> <p> Golovchenko informed that spending on public sector salaries, on pensions for the military, on support for large families, and other things will be raised significantly next year. Apart from that, Br476 million has been appropriated for subsidizing housing construction as part of presidential ordinance #240 or 1.5 times as much as in 2021. </p> <p> </p> <p> As previously reported, Belarus’ GDP declined by 0.9% year on year in 2020 to Br147.006 billion ($58.8 billion, $1/Br2.4999) with the official growth forecast of 2.8%. In January-August 2021, Belarus’ GDP soared by 3% year on year to Br110.897 billion ($44.36 billion). Belarus’ authorities forecast GDP growth of 1.8% in 2021. End </p>
2021-09-22
Primepress
Belarusian government forecasts 2.9% GDP growth in 2022
MINSK, Sep 21 - PrimePress. The government of Belarus has shared a forecasts saying it sees the country’s GDP expand 2.9% in 2022. Prime Minister of Belarus Roman Golovchenko stated that at the meeting of the Council of Ministers on 21 September, as the press service of the government informed.
The GDP growth rate will be 102.9%, he said. The growth rate of the real disposable cash income is expected to reach 102%. Fixed-capital investments are supposed to grow by 3.3%. The export of merchandise and services is expected to rise by 6.3%. The key factors driving Belarusian economy growth in 2022 will be the rising foreign demand, which is supposed to contribute 1.8 percentage points to the GDP growth, and a balanced increase in domestic consumption without excessive pressure on the financial market and the forex market. According to the Economy Ministry's projections concerning the development of foreign markets, foreign currency proceeds can grow by $2.7 billion. The growth will have to rely primarily on higher export in physical terms, Golovchenko noted.
In his words, next year’s budget has been put together taking into account the risks arising from the sanctions and an inertial scenario of development of the economy. The draft budget expects the GDP to grow by 1% while the target is set at 2.9%. This is why all the additional revenues the economy will generate will be accumulated in special reserve funds. In essence they represent an additional source for funding budget spending, including salary raises, and additional expenses that may be encountered during the year, the prime minister explained.
Golovchenko informed that spending on public sector salaries, on pensions for the military, on support for large families, and other things will be raised significantly next year. Apart from that, Br476 million has been appropriated for subsidizing housing construction as part of presidential ordinance #240 or 1.5 times as much as in 2021.
As previously reported, Belarus’ GDP declined by 0.9% year on year in 2020 to Br147.006 billion ($58.8 billion, $1/Br2.4999) with the official growth forecast of 2.8%. In January-August 2021, Belarus’ GDP soared by 3% year on year to Br110.897 billion ($44.36 billion). Belarus’ authorities forecast GDP growth of 1.8% in 2021. End