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Economic growth in Belarus is now highest since 2010-2011

Inflation in Belarus is 7% and GDP growth is at 103.4%. On August 29 in the Council of Ministers discussed the forecasts of socio-economic development and the direction of monetary policy.

The document, which defines the future actions until 2020, is almost done and will soon be proposed for consideration by the Belarus President. In general, according to the draft, a non-deficit balance of payments was formed, without resorting to extraordinary financing.

Dmitry Krutoi, Deputy Minister of Economy of the Republic of Belarus:
It's probably the first time we have managed to balance all the indicators.  The National Bank of Belarus predicts interest rates to be at 11-12% by the end of 2018, taking into account the reduction in the refinancing rate to 10%. If we talk about industries, the real economy, we see that GDP, our aggregated indicator, will grow by 3.4%. In principle, we have not had such growth rates since 2010-2011.

According to the forecasts, the ratio of labor productivity and wage growth will continue. Average salary in the public sector in Belarus by the end of 2018 should amount to BYN 750-760, which is 70-75% of the average salary in the country. A significant contribution to economic growth will be made by industry, agribusiness and the construction sector. Focus will be made on new projects, such as the production of cars.

Economic growth in Belarus is now highest since 2010-2011