16 October 2025, 14:47

Turchin: Balanced approach is needed to drive economic growth, prevent imbalances

Aleksandr Turchin

MINSK, 16 October (BelTA) – A balanced approach is crucial for sustaining economic growth and preventing imbalances, Belarusian Prime Minister Aleksandr Turchin told reporters following a meeting convened by the head of state to discuss draft forecast documents for the coming year, BelTA reports.

“It is crucial to find a balanced approach that, on the one hand, ensures economic growth and, on the other, prevents imbalances, so that all indicators are interconnected. Our ultimate goal is further improvement of living standards of our people,” the head of government said.

The prime minister stressed that this balance is particularly critical given the difficult external environment. “There is probably no point in listing all the challenges that include the situation in the world and in our main market, the Russian Federation… The pressure from sanctions has not gone away either,” he emphasized.

The conversation then turned to the specific figures and indicators proposed for consideration at the meeting with the head of state. Aleksandr Turchin described these targets as “very demanding”, adding that achieving them would require a maximum effort from all involved.

It was noted during the meeting that exports are projected to grow by 3.7% in 2026. This increase is planned through an expansion of exports to distant-arc countries and the CIS, while firmly maintaining Belarus’ position in the Russian market. There are also plans to boost exports to China, Africa, and Latin America. To facilitate this, the government plans to soon adopt a resolution that will assign personalized tasks to heads of enterprises and ambassadors for the sale of Belarusian products in their respective countries.

“We are fully aware that a significant portion of our GDP growth is driven by exports. This is one of our top priorities today,” the head of government emphasized. “Every official, every company head and every head of a diplomatic mission will get personalized tasks. They must have a crystal-clear understanding of what products, in what quantities, and in what markets must be sold in the coming year.”

GDP growth for 2026 is projected at 2.8%, with real incomes expected to rise by 4.8%. The National Bank and the government have proposed capping inflation at 7%.

Another key priority addressed at the meeting is investment in the economy, which is forecast to increase by 3.1% in 2026. These investments will be channeled into the implementation of major investment projects, the creation and modernization of regional infrastructure, housing construction, and other strategic initiatives.