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Economy
15 April 2021, 19:22

Work in progress on Belarus' long-term social, economic development forecasts

MINSK, 15 April (BelTA) – An interagency working group has started working out scenarios of Belarus' social and economic development in 2022-2024, the press service of the Belarusian Economy Ministry told BelTA.

According to the source, the social and economic development forecast and the budget forecast for 2021 have been worked out on the basis of a uniform target-based scenario. In the course of recovering from last year's decline the government will focus on ensuring as rapid recovery as possible and on returning the economy to the previous development track. The efforts will comply with principles of the counter-cyclical macroeconomic policy.

The interagency working group in charge of working out the forecasts has started working out development scenarios for 2022-2024. The formation of the macroeconomic forecast begins with the definition of current internal and external conditions. External parameters in all the scenarios being developed will remain the same considering the recovery growth of the world economy. In particular, the world economy growth rate is expected to reach 104.4% in 2022. The growth rate of Russia's economy is supposed to be 103.8%, the European region's – 103.8%, the price for a barrel of Urals oil -- $50, the exchange rate of the Russian ruble against the U.S. dollar – RUB76.5. Differences in the scenarios depend on the recognition of possible risks for the sake of working out the relevant measures, the Economy Ministry explained.

The government is supposed to review the probability forecasts in June.

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