Belarusian Econ Ministry expects to meet GDP growth target in 2025 despite slowdown in H1

MINSK. July 25 (Interfax) - The slowing Belarusian economy will recover at the end of this summer, Economy Minister Yury Chebotar forecast.

"The production sector, some slowdown is evident here. But we have to look at the factors. In agriculture this is the shift in the harvesting period, this is clear to all, obviously. And we expect that already in August the sector will start to recover and enter positive territory. A slowdown is slightly evident in industry but, again, against the backdrop of the cooling of the economy of our main trade partner, the Russian Federation. We considered these risks as well," Chebotar said on state TV channel Pervy Informatsionny.

"All the risks that might be realized, we immediately factor in measures to mitigate them. The risks of a slowdown of the economy of our main trade partner materialized to some extent this year. Just recently we made a number of decisions to redirect our export shipments to CIS countries - and this is evident by the agenda of meetings - to [countries outside Europe and the CIS], and the many visits of both our delegations and to us are evident. This, in principle, is our reaction to the risks that materialized this year," the minister said.

He sees reserves for growth in agriculture, the manufacturing sector, chemical industry, pharmaceutical industry, production of fertilizer and various materials, as well as more intensive work with new foreign markets. Belarus has the potential to achieve the planned GDP growth rate this year, Chebotar said.

The Belarusian authorities' target forecast sees GDP growing by at least 4.1% in 2025 and inflation slowing to 5%. However, economic growth slowed to 2.1% in the first half of 2025.

The Eurasian Development Bank expects Belarusian economic growth to slow to 3% this year, the European Bank for Reconstruction and Development expects growth of 2.5%, the IMF 2.8%, the World Bank 2.2% and the UN 3.5%.

The Belarusian economy grew by 4% in 2024 after expanding by 3.9% in 2023 and contracting by 4.7% in 2022.