3 Oct 2022 13:14

Belarus to achieve 3.8% GDP growth in 2023 by increasing exports, investment - PM

MINSK. Oct 3 (Interfax) - Belarus plans to achieve GDP growth of 3.8% in 2023 by ramping up exports and capital investment, Prime Minister Roman Golovchenko said on Friday.

"The main routes [to GDP growth] are known - increasing exports and investment. We have figured out all these routes, we have projects of various levels scheduled. We have delivered sources of financing for all projects, right now 90% of the pool of investment has been formed or sources have been confirmed," Golovchenko, commenting on the anticipated drivers of growth next year, said in a video released by his press service.

"Right now the main thing will be to achieve the set objective. It's not enough to find financing, it's very important to ensure the fulfilment of objectives," he said.

"In terms of exports, the market situation favors us, there are calculated volumes of shipments to Russia, to the EAEU market, to Asian countries. We're not leaving the European market," Golovchenko said.

"I think that the development program is challenging but doable," he added.

The Belarusian authorities are targeting GDP growth of 3.8% in 2023 to ensure the country meets the parameters of the social and economic development program for 2021-2025.

Belarusian GDP contracted by 4.9% in the first eight months of 2022, Belstat reported. The recession in the country eased somewhat after deepening in the preceding months - GDP shrank by 5.2% in the first seven months of the year.

The government said in August that in the optimistic scenario it will manage to achieve zero economic growth this year thanks to an anticipated recovery in the second half given the absence of new sanctions and other unforeseen shocks.

The Belarusian economy grew by 2.3% in 2021 after slumping 0.9% in 2020 and expanding by 1.2% in 2019.