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Economy
19 August 2022, 19:57

Prime minister: Economic recession is out of the question in Belarus

ROGACHEV DISTRICT, 19 August (BelTA) – Any recession is out of the question today. Prime Minister of Belarus Roman Golovchenko made the relevant forecast concerning GDP growth and the development of the national economy as he visited Rogachev Milk Canning Factory, BelTA has learned.

Roman Golovchenko said: “We will demonstrate more effective GDP figures in August. GDP decline is caused among other things by issues in agriculture because all the agronomical timings have been shifted this year: farmers are 2-3 weeks behind with the harvesting campaign. Respectively we see a small decline. Good pace will be secured by the end of August and the GDP figure will get better even against this backdrop.”

The prime minister said he was confident that the tasks the economy faces will be fulfilled: “Outstripping macroeconomic indicators say that the GDP reduction is unlikely to get worse. Contrariwise, we are going to gain little by little. I am glad about financial performance of Belarusian flagships, which have substantially increased profits from sales – by more than 20% in comparison with last year. Profit margins have increased by a decent figure. These are good results.”

According to Roman Golovchenko, any recession is out of the question today. “Recession means falling output figures and falling revenues, faster inflation,” he remarked. “It is an explosive cocktail for economists. In these conditions we know why the GDP is falling – sanctions-fuelled restrictions, later start of agricultural work, and a number of other factors. And we understand the influence of each factor on all branches of the economy and we see that it is compensated for by the favorable state of financial affairs.”

Loan debts of enterprises and organizations are decreasing. The enterprises and organizations now have more money at their disposal. “It is good for the state because it will not have to finance them and carry their burden. Such enterprises will be able to not only grow but reduce their debt portfolio,” the prime minister stressed.

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