“Belarus’ GDP will have expanded by 1.5 percent by the end of 2014,” noted Sebastian Eckardt, Senior Economist with the World Bank Group, speaking at a presentation of the World Bank’s Economic Review on Belarus
“We revised our forecast upward, from that of April this year,” notes Mr. Eckardt. In April 2014, the World Bank projected GDP growth of 0.5 percent, against 2013. He adds that domestic demand and improved net export indicators, as well as reduced imports, helped accelerate real GDP growth in Belarus.
Predicting Belarus’ GDP growth in 2015, the World Bank projects 1.8 percent, despite low economic growth in Russia and Ukraine, which are key export partners for Belarus. World Bank experts believe that, in order to reduce Belarus’ dependence on external support and stimulate sustainable economic growth, via increased productivity, Belarus must ensure macroeconomic stabilisation and implement comprehensive structural reform.
