Eurasian Development Bank predicts growth of Belarus’ economy by late 2023

Analysts of the Eurasian Development Bank (EDB) predict the growth of the Belarusian economy by 2.2 percent by the end of 2023, since it has adapted to external sanctions and restrictions

According to the EDB review, the Belarusian economy is recovering rapidly in almost all sectors. In January-May 2023, the country’s GDP increased by 0.9 percent year-on-year, after a decrease of 0.6 percent year-on-year in January-April. The economic indicator was influenced by the growth of industrial production, wholesale and retail trade, construction, and agriculture. At the same time, the information and communication industry, as well as the transport sector, produce a negative impact on the dynamics.

Inflation in Belarus slowed down to 3.7 percent year-on-year by the end of May 2023, and the EDB considers its low figures in the segments of food and non-food products is much owing to an administrative control over prices.

Earlier, the EDB predicted inflation at the level of 7.8 percent by the end of 2023.