MINSK, 19 December (BelTA) – Belarus plans to increase its GDP by 15.8% over the next five-year period, Belarus’ Prime Minister Aleksandr Turchin said during the session of the 7th Belarusian People’s Congress on 19 December, BelTA has learned.
“Amid geopolitical instability and slowing global economic growth, the expected growth of our economy will be no less than 3% per year. Over the entire five-year period, growth will amount to 15.8%. It should be noted that this task is quite challenging. For comparison: GDP growth in the current five-year period is estimated at around 7%,” Aleksandr Turchin said.
In addition, over the next five years investments in fixed capital are planned to grow by 16.7%, labor productivity by 19.8%, and exports of goods and services by 19.5%. Real disposable household incomes are forecast to rise by 21%.
The prime minister noted that it cannot be said there are no problems in the economy or that the government does not see them. “Since some of them were outlined by the head of state yesterday in his Address. Low country and product diversification of exports, insufficient investment activity, the small share of services in GDP, and other issues still remain. These problems are exacerbated by demographic challenges: people aging, declining birth rates, migration. Based on all the results achieved, a new shape of the program for the next five-year period has been formed, aimed at effectively overcoming both external threats and internal challenges,” he emphasized.
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