Belarusian authorities expect GDP growth of 1.9% in 2027

MINSK. Sept 30 (Interfax) - Belarus's GDP should grow no less than 1.9% in 2027, the press service of Belarusian President Alexander Lukashenko said, citing his decree that approved the target figures for socio-economic development next year.

The target forecast for 2026 envisages GDP growth of no less than 2.8%.

In line with the document, inflation in 2027 must not exceed 6% (it should be no more than 7% this year).

Next year, it is also planned that investment in fixed capital will grow 3.1%, exports will increase 2.9%, and the real disposable monetary incomes of the population will rise 3%.

In another decree, Lukashenko approved the main forecasted parameters of monetary policy for 2027. In addition to the inflation target of no more than 6%, provision is made for maintaining international reserves at the end of next year at a level of no less than $12.8 billion and growth in investment financing of no less than 13%.

Belarusian Economy Minister Yuri Chebotar previously predicted that the country's nominal GDP in 2027 would amount to around 360 billion Belarusian rubles (approximately $125 billion at the current exchange rate). The economic forecast was prepared taking into account turbulence in the global economy, he said. "Compared to last year, when the five-year targets were set, external conditions have changed drastically. Global GDP is slowing, and Belarus's main trading partners are lowering their growth targets. We are, of course, responding to this," Chebotar said.

Belarus's GDP grew 1.9% in January-August.

GDP grew 1.3% in 2025 after growing 4% in 2024 and 3.9% in 2023 and declining 4.7% in 2022.

International financial institutions give a conservative forecast for the growth of the Belarusian economy next year. The Eurasian Fund for Stabilization and Development (EFSD) and the World Bank forecast a slowdown in Belarus's GDP growth in 2027 to 0.8%, while the International Monetary Fund (IMF) predicts a decline to 1%. The Eurasian Development Bank (EDB) and the European Bank for Reconstruction and Development (EBRD) expect growth of 1.5%-1.6%.

The official exchange rate on September 30 is 3.03 Belarusian rubles/$1.