Chervyakov: Belarus’ economy showing growth rate above the world average

The growth rate of the Belarusian economy is higher than the world average – as stated by Belarus’ Economy Minister Aleksandr Chervyakov at a joint meeting of the boards of the Economy Ministry of Belarus and the Russian Ministry of Economic Development, held in Brest

“Over nine months we’ve achieved growth of 103.5 percent. By year end, we intend to reach our planned indicators: 103.8 percent,” Aleksandr Chervyakov cited the figures. “Our leaders are industry, construction, trade, and business. We’re adapting to the current conditions. Since 2022, external strategies have been adjusted. We reoriented exports to the markets of friendly countries and compensated for losses. The departure of Western suppliers and manufacturers enabled us to increase our presence in the Russian market. Trade with Asian countries is developing, and promising markets in Africa are also being developed. There’s a revival in the domestic market. In January-September 2023, retail turnover increased by 6.7 percent and continues to grow. The growth of household incomes and real wages also continues. We managed to contain inflation. To a certain extent, this became possible thanks to the intensification of bilateral co-operation and the implementation of our 28 Union State programmes.”

Speaking about the sanctions pressure imposed on Belarus and Russia, Aleksandr Chervyakov stressed that the Union State opposed mutual assistance and in-depth interaction to Western countries.

The large-scale progressive work launched in 2021 to build the Union State has borne fruit, noted Aleksandr Chervyakov, “In a short period of time, we reoriented supply logistics, created a new channel for mutual settlements, and launched co-operation and integration projects. The Union State has confirmed its viability, our countries are confidently moving along the path of deep integration, forming common legal foundations for the development of economies, energy, finance, defence, security, humanitarian liaisons, equal rights and freedoms of citizens. We’re focused on ensuring the sustainability of the economy and, as a result, improving the well-being of our people. Contrary to the expectations of our enemies and unlike them, our countries maintained the growth rates of their economies and GDP.”