First Deputy Chairwoman of the National Statistical Committee Yelena Kukharevich explained why the World Bank revised the GDP forecast for Belarus upward in a new episode of BelTA’s The Nation Speaks project.
It was reported earlier that the World Bank improved the GDP forecast for Belarus for 2024. Thus, according to the bank's forecast, Belarus’ GDP will increase by 4% in 2024, and by 1.2% in 2025. According to Yelena Kukharevich, such a sharp change of opinion has objective reasons.
“In 2022, Belarus faced unprecedented sanctions (in addition to those already imposed). This, of course, sharply worsened the work of the entire economy. It is clear that we have lost the previously developed markets, logistic and cooperation chains, had some problems with payment of foreign trade obligations. There was a ban on technological imports, a ban on imports of certain goods in general. This picture primarily formed the negative ratings, including those of the World Bank,” the first deputy chairman of the National Statistics Committee said.
In 2022, the GDP of Belarus fell by about 5%, but households were not affected. “It was generally the lowest GDP for 27 years in the history of our country,” Yelena Kukharevich said. “The timely measures taken by the government in 2023 helped not only stabilize the situation but reverse it.”
GDP showed stable growth from May 2023. This ensured growth in money incomes, wages. GDP growth made 3.9%, the highest increase over the past 12 years, the first deputy speaker said.
