MINSK, 24 May (BelTA) -The EDB revised upward the economic growth forecast for Belarus, reads the quarterly macroeconomic review prepared by the Chief Economist Group at the Eurasian Development Bank (EDB).
“The forecast for Belarus' GDP growth was improved from minus 0.5% to plus 1.3% by the end of 2017 given the faster than expected economic recovery in Q1 and the signing of the agreement on gas prices and oil supplies from Russia,” the review reads.
The EDB experts believe that in the future, as domestic demand recovers and the monetary policy is relaxed, the GDP will grow 0.8% and 1% in 2018 and 2019 respectively. In the current economic conditions, restoring economic growth in the medium term will be limited to the level of potential growth of 1-1.2%.
The inflation forecast 2017 was revised downward given the decrease in the inflation in Q1. The inflation is projected at 8.6% at the end of 2017. The balanced monetary policy is expected to help keep the inflation within the projected parameters. In 2018-2019 the decline in the rate of inflation is projected to meet the parameters set by the National Bank of Belarus: 7.3% and 6.1% respectively.
