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30 November 2022, 16:46

PM: Fixed investment should be main source of economic growth

MINSK, 30 November (BelTA) – Fixed investment should be the main sources of economic growth, Belarus' Prime Minister Roman Golovchenko said as he addressed deputies of the House of Representatives and members of the Council of the Republic in the Oval Hall on 30 November, BelTA has learned.

“The main sources of the economic growth should be fixed investment, which is due to reach up to 20% of the GDP. Export is the second major source of economic growth. Where do we plan to invest? First, in housing and infrastructure. More than 5 million square meters of housing will be built using all available sources of funding, including 1.3 million square meters with government support. The volume of rental housing construction will grow significantly - some 750,000 square meters,” said Roman Golovchenko.

The second direction is infrastructure in the regions. “Plans are in place to build 17 kindergartens, nine schools, 22 sports complexes, seven swimming pools, 21 sports facilities, 46 clinics and hospitals, to finance 22 road constructions on national roads and 30 more - on local ones. The third direction is the implementation of investment projects and technical re-equipment of enterprises. The largest share of investment is expected here,” the prime minister said.

“The most important factor of economic growth is export of goods and services. We need to ensure export growth at $2.6 billion. As a result, we plan to achieve a foreign trade surplus of $1.6 billion, thereby ensuring a balance of payments and a safe level of foreign exchange reserves,” Roman Golovchenko said.

The most important target priority for 2023 remains the growth of people's welfare, the prime minister stressed. “With the growth of labor productivity up to 4.7%, the growth of real wages is projected at 4.6%. Given the decision of the head of state [decree No. 412], the task of the country's monetary policy in 2023 is to slow inflation and maintain financial stability. Necessary resources will be formed to meet the demand for loans,” said Roman Golovchenko.

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