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Belarus government revises social, economic development targets for 2020

Economy 18.10.2019 | 19:58
Image courtesy of Pixabay
Image courtesy of Pixabay

MINSK, 18 October (BelTA) – Upon instructions of Belarus President Aleksandr Lukashenko the government has adjusted the package of forecast documents for the year 2020, BelTA learned from the Council of Ministers website.

The expected GDP growth rate has been upped to 102.8%.

The export growth rate is expected to reach 103.6% in 2020, with the foreign trade surplus at 1% of the GDP.

Plans have been made to invest more in fixed capital by stepping up work on already signed investment projects and projects that have yet to be signed with international financial organizations.

The adjusted projections take into account all the resources for accelerating the growth of the sphere of services – the expansion of consumer demand fueled by growing real salaries, a strong demand for Belarusian IT products, and heavier investments in science.

The real salary growth rate in 2020 is expected to reach 102.5%.

While adjusting the projections, the government put together a plan of measures to enable conditions conducive to faster economic growth. The measures are designed to improve the performance of state-run enterprises, encourage the development of small and medium businesses, stimulate the inflow of investments, and tap into unused reserves of economic growth.

In 2020 the deficit of the central state budget is expected at Br995.1 million (less than 1% of the GDP). The government will cover the deficit by borrowing Br869.2 million abroad and by using rollover assets of the central state budget (Br125.9 million).

The major monetary management guidelines for 2020 have been adjusted. The central bank will shape conditions in a way to keep up the lending rate, including consumer loans, without increasing systemic risks.

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