World Bank forecasts 4% decrease in Belarus’ GDP in 2020
<p> MINSK, May 26 - PrimePress. The World Bank (WB) predicts a decrease in Belarus’ gross domestic product (GDP) in 2020 by 4% to the level of 2019 and a subsequent increase by 1% in 2021, World Bank’s economist Marina Sidorenko said during the online presentation of the WB economic review on May 26. </p> <p> </p> <p> “We expect that the GDP of Belarus will decrease in 2020 by 4%. There will be a very moderate economic recovery after 2020. This forecast is made in very volatile conditions, and it should be considered as one of many development scenarios. We monitor the situation and make forecasts more than twice a year, but as the data on the main sales markets become available, we revise the forecast for Belarus,” Sidorenko said. </p> <p> </p> <p> She said that Belarus’ this year’s budget revenues will be affected by a decrease in revenues of the oil refining sector and export of oil products, which accounted for 2.3% of GDP last year. A decrease in income tax revenues is also expected. </p> <p> </p> <p> According to the WB forecast, inflation in Belarus may reach 11.3% in 2020, 7% in 2021 and 6.3% in 2022. </p> <p> </p> <p> Sidorenko called this an optimistic forecast, which implies a certain restoration of economic growth in the European Union and Russia in the fourth quarter of 2020. </p> <p> </p> <p> “If the pandemic situation worsens or is not resolved promptly, then it [the forecast] may be downgraded. Also, if the situation with foreign trade partners worsens, this may also create risks of a downgrade,” Sidorenko said. </p> <p> </p> <p> As reported, the International Monetary Fund predicts a 6% decrease in Belarus’ GDP in 2020 and 3.5% growth in 2021; the European Bank for Reconstruction and Development – 5% and 3.5%, respectively. </p> <p> </p> <p> Belarus became member of the World Bank in 1992. Belarus-WB cooperation is currently based on the WB Group Partnership Strategy for 2018-2022 adopted in 2018. According to the Ministry of Economy of Belarus, the WB invested over $1.7 billion in the economy of Belarus in 1992-2019. The current investment portfolio of the World Bank in Belarus includes nine projects totaling $942.71 million. End </p>
2020-05-27
Primepress
World Bank forecasts 4% decrease in Belarus’ GDP in 2020
MINSK, May 26 - PrimePress. The World Bank (WB) predicts a decrease in Belarus’ gross domestic product (GDP) in 2020 by 4% to the level of 2019 and a subsequent increase by 1% in 2021, World Bank’s economist Marina Sidorenko said during the online presentation of the WB economic review on May 26.
“We expect that the GDP of Belarus will decrease in 2020 by 4%. There will be a very moderate economic recovery after 2020. This forecast is made in very volatile conditions, and it should be considered as one of many development scenarios. We monitor the situation and make forecasts more than twice a year, but as the data on the main sales markets become available, we revise the forecast for Belarus,” Sidorenko said.
She said that Belarus’ this year’s budget revenues will be affected by a decrease in revenues of the oil refining sector and export of oil products, which accounted for 2.3% of GDP last year. A decrease in income tax revenues is also expected.
According to the WB forecast, inflation in Belarus may reach 11.3% in 2020, 7% in 2021 and 6.3% in 2022.
Sidorenko called this an optimistic forecast, which implies a certain restoration of economic growth in the European Union and Russia in the fourth quarter of 2020.
“If the pandemic situation worsens or is not resolved promptly, then it [the forecast] may be downgraded. Also, if the situation with foreign trade partners worsens, this may also create risks of a downgrade,” Sidorenko said.
As reported, the International Monetary Fund predicts a 6% decrease in Belarus’ GDP in 2020 and 3.5% growth in 2021; the European Bank for Reconstruction and Development – 5% and 3.5%, respectively.
Belarus became member of the World Bank in 1992. Belarus-WB cooperation is currently based on the WB Group Partnership Strategy for 2018-2022 adopted in 2018. According to the Ministry of Economy of Belarus, the WB invested over $1.7 billion in the economy of Belarus in 1992-2019. The current investment portfolio of the World Bank in Belarus includes nine projects totaling $942.71 million. End