Belarus’ GDP Grows By 2.4% In 2017

Belarus’ GDP grew by 2.4% last year. The country compensated for the lag of 2016 and reached the economic growth parameters specified by the 5-year program.

Prime Minister of Belarus Andrei Kobyakov stated that the GDP growth rate was 102.4% in 2017 while the forecast was 101.7%.

Andrey Kobyakov, Belarus Prime Minister

The news was made public during the session of the Presidium of the Council of Ministers on Tuesday, 16 January.

The session was focused on measures to implement Belarus’ social and economic development tasks.

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The national economy’s expected performance in January and in first quarter of 2018 was also on the agenda.

The head of state has approved development forecast parameters for the entire power vertical in 2018.

Andrei Kobyakov stressed: “The key tasks of balanced economy growth is increasing and diversifying export, raising investments, and creating jobs primarily in the small and medium business sector.”

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With these in mind it is necessary to begin full-scale work to implement the decisions made by the head of state with a view to liberalizing business operation terms.

Two months ago Belarus President Alexander Lukashenko has signed the key document designed to improve the country’s business climate.

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The decree is expected to minimize bureaucracy and paperwork between the government agencies and private companies.

Meanwhile, the number of Belarusians who live below the national poverty line keeps growing.

Recall that Belarus hit the list of top three countries with the lowest average purchasing power in Europe.

Source: BelTA