EDB forecasts Belarus’ GDP growth of 3.4% by late 2024

The Eurasian Development Bank (EDB) specialists forecast a 3.4 percent growth in Belarus’ GDP by the end of 2024, sb.by reports with reference to EDB’s macroeconomic outlook

“For most EDB member states, the outlook has been upgraded due to strong early-year performance and continued robust utilisation of domestic growth sources. Stimulative fiscal policies and structural transformations are fostering an environment conducive to investment and consumer activity,” the outlook reads.

The EDB specialists forecast a 3.4 percent growth in Belarus’ GDP by the end of 2024. According to their calculations, this will happen due to the continued high growth in demand from Russia and higher wages in Belarus.

The EDB forecast also indicates that by late 2024 inflation will stand at 6 percent, and the average annual exchange rate of the Belarusian Rouble against the US Dollar will be at the level of Br3.27.

The EDB researchers say that the global economy will continue to grow at around 3 percent in 2024, driven largely by emerging economies. Inflation is decreasing in developed countries, but this rate has slowed down, due to a shortage of labour, as well as due to rising costs associated with global economic fragmentation. This is expected to result in a prolonged period of high interest rates in the US and the Eurozone, affecting their economic growth.