Expert on economic growth pace: Belarus chosen right vector of development

Unlike Europe, Belarus has chosen the right vector of economic and geopolitical development – as stated by Aleksei Avdonin, an expert at the Belarusian Institute for Strategic Studies

Belarus' GDP grew by 104.2 percent in January-October, which was higher than the forecast and global averages. “The latter range somewhere near 2 percent, while Europe is falling short of one percent,” Mr. Avdonin noted. “Belarus has chosen the right vector of development, and this refers not only to the economy and finances, but also to the geopolitics. The situation in Europe is primarily due to the fact that they have chosen the US vector and begun to impose sanctions against Russia, limiting themselves from the supplies of relatively cheap energy. In addition, the Nord Stream was blown up. As a result, the German economy — which is the locomotive of the European economy — demonstrates rather deplorable indicators. In turn, Belarus is developing within the framework of the Union State, it has access to energy resources and the Russian market. The republic is using the geopolitical advantages that the European Union has lost.”

The products of Belarusian manufacturers enjoy demand: as noted by the Economy Ministry, the current stock level is below its average value over the past decade. “Our products are in high demand, there are orders for several months in advance. This indicates a high level of confidence among our company heads. We feel the market not only of the Russian Federation, but also other EAEU countries and states of the Asia-Pacific region. Belarus also focuses on the supply of products to the countries of the far arc. All these factors enable the republic to demonstrate good economic growth rates," the expert noted adding that people's well-being is growing as a result.

Mr. Avdonin also commented on Belarusian exports to Africa, “It is a very promising region. African countries show high rates of economic growth, and this means that large investments and major corporations are heading there. Naturally, our task is to occupy our own niche. Thanks to the efforts of the Head of State and the programmes focusing on the development of foreign trade co-operation with African countries, an increase in the volume of supplies is registered.”