Eurasian Development Bank predicts acceleration of economic growth in Belarus

Economic growth is expected to accelerate in Belarus in the coming months of 2023, the Eurasian Development Bank (EDB) reports in its weekly review

According to the analytical report, the trend of economic activity recovery is increasing in Belarus: in Q1 2023, GDP decreased by 2.1 percent year-on-year after a decline of 3.6 percent year-on-year in January-February.

The slowdown in the recession is due to the recovery in industrial production (it grew by 1.8 percent in Q1 year-on-year after a decline in January-February 2023 by 1.8 percent year-on-year) and an increase in agricultural production by 3 percent (2.9 percent year-on-year in January-February). The dynamics of wholesale trade has significantly improved: negative rates decreased to 5.6 percent year-on-year compared with a drop of 13.3 percent year-on-year in January-February.

However, as noted by the EDB, weak dynamics in the construction, transport and IT sectors act as a constraining factor in economic growth.

The Eurasian Development Bank is an international financial organisation established by Russia and Kazakhstan in January 2006 to promote the development of the market economy of the participating states, their sustainable economic growth and the expansion of mutual trade and economic ties. The bank's member states also include Armenia, Belarus, Kyrgyzstan and Tajikistan. The EDB authorised capital makes $7bn.