Switching to three-year budget planning is justified, Belarus' First Deputy Economy Minister Alexander Zaborovsky told media ahead of the meeting of the working groups set up at Belarus' Economy Ministry and Russia's Ministry of Economic Development to coordinate macroeconomic scenarios, BelTA has learned.
“There are always external shocks, deviations from a forecast, because the world is changing very fast. If we look how often international financial institutions update their forecasts, we see that this happens every quarter. But that does not mean we should not have a long-term perspective on the challenges which we may face or medium- and long-term target-setting mechanisms,” Alexander Zaborovsky said.
According to him, the lack of such planning is counterproductive. “It does not allow us to see the problems that arise where there are shocks. So when we talk about three-year and five-year periods, this means a vision of what resources we have, what challenges are and how we can respond to them if we want to grow faster, develop more efficiently and activate new growth factors,” he noted.
During today's meeting of the working groups, experts are expected to exchange views on the current economic situation, forecasts regarding the external environment and will discuss the coordination of development scenarios for next year and in the medium term.