World Bank confirms outlook for growth of 0.8% in Belarus' GDP in 2024

MINSK. Jan 10 (Interfax) - The World Bank has reaffirmed its October forecast for growth of 0.8% in Belarus' GDP in 2024, the bank said in its January Global Economic Prospects overview.

The World Bank last October markedly cut its outlook for Belarus' economic growth over the next two years compared to its June forecast, downgrading the forecast for growth in the country's GDP to 0.8% in 2024 from the previous outlook of 1.4%, and to growth of 0.7% in 2025 from the previous forecast of 1.3%. The World Bank in its January overview expects Belarus' economy to rise 0.8% in 2025.

The World Bank in its updated overview has also reaffirmed the estimate for the country's GDP to grow 3% in 2023.

The National Statistical Committee, Belstat, said that Belarus' GDP rose 3.8% in January-November 2023, in line with the authorities' target forecast.

The Eurasian Development Bank expects growth in Belarus' economy to decelerate to 2% in 2024, and the International Monetary Fund and the European Bank for Reconstruction and Development forecast a slowdown to 1.3%. Belarus' authorities have confirmed the target forecast for growth of 3.8% in GDP this year.

The country's GDP dropped 4.7% in 2022 after rising 2.3% in 2021.