Belarus on track towards stable long-term economic growth
9 October 2023, 12:39
As BelTA reported earlier, on 2 October Belarusian President Aleksandr Lukashenko signed Decree No. 307 that approved the most important forecast parameters of the country's development for 2024. Gross domestic product is projected to grow by 3.8% due to large-scale investment and production programs, sale of Belarusian products on foreign markets and expansion of domestic demand. Fixed capital investment is expected to add 3.9% in comparable conditions, exports of goods and services are expected to go up by 7.6% (mainly due to an increase in physical sales volumes).
“The projected growth rates for both investment and exports are outpacing GDP growth. This means that we are placing the focus on the growth of foreign trade and capital expenditure in order to lay down a foundation for future long-term economic growth. We will be forming this growth - about 4% - for the second year in a row, which means we are on track towards sustainable long-term economic growth. This is no longer the swings (peaks and troughs) in the economic activity but a permanent growth,” Aleksandr Yegorov said.
In his words, much attention is paid to the state investment program. The second important aspect is the One District-One Project initiative. “We have launched financing this year. A number of projects have been implemented in 2023. They are set to reach their design capacity next year. Some projects will be implemented in 2024 and we will get finished products. Investment has been calculated, growth will be ensured,” the chairman of the Board of the Development Bank said.
According to him, the One District-One Project initiative and import-substitution projects are largely aimed at exports. Since such projects have been introduced this year or will be introduced in the first quarter of next year, they will ensure export growth in 2024.
“The main idea is that we should increase supplies not only to Russia and other EAEU countries, but also to faraway countries such as Asia, Africa, and Latin America. We are doing our best to for this purpose. We have political agreements reached by the president of our country to significantly increase trade, for example, with African countries. Now it is up to the ministries and enterprises to convert these political agreements into export growth,” Aleksandr Yegorov said.
