Lukashenko approved Belarus’ major development forecast for 2024

On October 2nd, Head of State Aleksandr Lukashenko signed Decree No. 307 On Most Important Parameters of Belarus’ Social and Economic Development for 2024, the Belarusian leader’s press service reports

The main goal of next year's economic policy will be to ensure the sustainability of the economy and an increase in the welfare of the population. The gross domestic product is projected to grow by 3.8 percent due to large-scale investment and production programmes, the sale of Belarusian products to foreign markets and the expansion of domestic demand.

It is expected that investments in fixed assets will add 3.9 percent in comparable conditions, exports of goods and services will increase by 7.6 percent (mainly due to growing physical sales volumes), real disposable income of the population will rise by 3.5 percent.

The policy of price restraint will remain, and the National Bank and the Government are tasked to limit inflation at a level not exceeding 6 percent to meet this target. As a result, real wage growth will amount to 103.9 percent. The nominal accrued average monthly salary will increase to Br2,087 in Belarus, and it will reach Br1,634 in state-funded organisations.

To achieve the most important parameters, the Government will approve a target plan for 2024 to outline the priority tasks for the implementation of production, export and investment plans by state bodies. These tasks will be aimed at balanced economic growth without the risk of provoking macroeconomic shocks with a concomitant increase in the standard of living of the population.

In addition, in order to create conditions for sustainable economic growth, Decree No. 308 on Monetary Policy Targets for 2024 has been adopted.

The list includes a set of qualitative indicators that can ensure the stability of the banking system (including as a source of investment resources), as well as price and financial stability. These include:

• an increase in consumer prices – no more than 6 percent;

• international reserve assets – at least $6bn;

• the share of non-performing assets of banks in the assets exposed to credit risk – no more than 10 percent (maintaining this level will ensure the stability of the entire banking system);

• the coefficient of availability of automated systems of payment market participants to ensure settlement operations – at least 99.8 percent (this will fully meet the need of the real sector of the economy and citizens for unhindered settlements on the territory of the country); and

• an increase in the requirements of banks to the economy – at least 10 percent (this will expand the resource support of the real sector, satisfying the solvent demand for loans, thus becoming a key incentive for economic growth).