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17 June 2022, 19:18

Realization of all support measures to help Belarusian economy recover

MINSK, 17 June (BelTA) – The realization of the full package of support measures will contribute to the recovery of the economy. Belarusian Deputy Economy Minister Dmitry Yaroshevich made the statement as he commented on economy's performance in January-May 2022, BelTA has learned.

According to official statistics, Belarus' GDP growth slowed down to 96.6% in January-May. According to Dmitry Yaroshevich, it was only to be expected because the Belarusian economy is going through active transformation.

“Naturally the unprecedented external pressure required government agencies and industries to do a huge amount of work in order to redesign manufacturing processes and distribution chains and penetrate new markets. The realization of the comprehensive plan on supporting the economy and the realization of other decisions the government's situation response staff makes promptly contribute to it. Nearly two thirds of the measures the plan specifies have been implemented. But we need time for them to achieve their full effect. We expect that once the remaining measures are realized and the legislation developed as part of the package of support measures comes into force, we will be able to reverse the GDP slowdown trend. We expect to see recovery dynamics in the second half of the year,” the deputy economy minister said.

In his words, one can state now that the economic situation is under control, no misbalances are allowed to form, and all the social guarantees of the state are honored. “Hence, inflation is slowing down, the overall financial state of enterprises is stable, commodity markets are well-supplied with food and staple goods. As far as foreign trade is concerned, we see a record high trade surplus of nearly $1.3 billion despite all the complications. Thus, we will continue taking the necessary measures for the sake of keeping up the prosperity of the population and decent living standards,” Dmitry Yaroshevich noted.

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