19 February 2025, 13:41

Minister comments on Belarus' economic performance in 2024

An archive photo

MINSK, 19 February (BelTA) – Belarus' Economy Minister Yuri Chebotar commented on the country's economic performance in 2024 as he talked to journalists before the meeting of the Council of Ministers, BelTA has learned.

“Belarus' GDP expanded by 4% in 2024 on the back of the measures that were taken by the head of state and the government throughout the year. We are concerned not only about quantity, but also about quality. Today we will discuss what parameters ensured the quality growth of the economy last year. There were positive changes in terms of investments. Enterprises are upgrading equipment more actively, and this helps them become more competitive. By the way, for the second year in a row, investments have been growing at a rate twice as fast as GDP. And this also speaks volumes about the quality of economic growth,” Yuri Chebotar said.

Salaries also increased noticeably. “We look at this indicator in conjunction with spending, with inflation. For two years in a row, we have had some of the lowest inflation rates in the region. The task for this year is to stay within the 5% range,” the minister noted.

Three programs - on production, export and investment – will be in focus. “Another line of our work is to maintain economic balance in terms of revenues, inflation, spending,” the economy minister emphasized.

According to him, there are reserves for growth. “First of all, these are sales and exports. We set very ambitious targets to ramp up exports to distant arc countries, including Africa. We have made some good progress here; our shipments to Africa have increased threefold. But this year, we and our colleagues will exercise greater control over contracts that make part of the export program. Together, we are working to form joint shipments to distant regions, as this is logistically more efficient. Expenses on transportation to distant arc countries might be reimbursed,” Yuri Chebotar informed.

Within the framework of the One Region - One Project initiative, 70 investment projects have been implemented. This work continues this year.

“We have also launched the Regional Initiative. Those interested can send their investment proposals through our website. Yesterday, the first four projects were included in the Regional Initiative. Three more are under consideration,” the minister added.