First Deputy Prime Minister: Belarusian economy growing at higher-than-world rates for second year

For the second year in a row, the Belarusian economy has been growing at a pace higher than the world's one – as stated by First Deputy Prime Minister Nikolai Snopkov in his report on the current economic results and key priorities for balanced economic growth in the medium term

Speaking at a joint meeting of the House of Representatives and the Council of the Republic of the National Assembly, Mr. Snopkov noted, “Preliminary results of the socio-economic development are being summarised at present, and goals for the medium- and long-term development are being determined. The Government highly appreciates the support of the deputies and members of the Council of the Republic, thanks to which we consistently and carefully amend the institutional conditions of development, among other things. Some laws have been adopted over the past year – and they are already in force – that systematically update the scope of their application.”

The First Deputy Prime Minister added that, thanks to the law on investments, new mechanisms have been introduced to support effective investment projects in the Belarusian regions, and there is now the possibility of guaranteed purchase of import-substituting products. The so-called special investment agreement can also be concluded. In addition, compensations for part of the capital costs based on the results of the achievement of full production capacity by enterprises, as well as compensations for the costs of transport and engineering infrastructure, are now available. Certain results have already been achieved in this regard. At the moment, about 40 investment projects are being considered for the application of new investment promotion tools in the regions. A rational transformation of the business environment has begun after the adoption of the relevant law.

“The main result of our joint work is the restoration of the pre-sanction volume of gross production. For the second year in a row, Belarus’ economy has been growing at a pace that is higher the world level: 14.5 percent in January-September 2024 (against the yearly planned figure of 103.8 percent). For the third year in a row, the Government has been organising work in a mobilisation mode. Detailed matrices of tasks for production, exports, cost reduction and financial results with weekly monitoring of their implementation are operational. As a result, the industrial growth reached 6.4 percent in nine months. Generally speaking, industrial production has been growing by at least 5-6 percent. The demand for products allowed us to load capacities and increase sales,” Mr. Snopkov said.