Matrix of important tasks

Wage growth, lower inflation and the launch of megaprojects: how the Belarusian economy performed in 2023

Despite all the attempts of the collective West to bring Belarus to its knees and destroy the economy, the country developed dynamically and came to the end of the year with good results. The assessments of some experts from international organisations that sanctions restrictions will lead to significant losses in GDP in 2023 did not come true. The President of Belarus, Aleksandr Lukashenko, set specific tasks for the vertical of power: enterprises should operate stably, and the population should not feel the impact of sanctions. All efforts and resources were mobilised for this purpose.

Yury Mozolevsky

Belarusian economy in 2023 (data for 11 months):
• In January — November, the GDP growth rate was 103.8 percent.
• The volume of GDP in current prices for 11 months of 2023 amounted to 198.1 billion roubles.
• The volume of industrial production for 11 months of 2023 increased by 7.9 percent.
• Retail trade turnover in January —November 2023 amounted to 68.7 billion roubles.
• Passenger turnover in Belarus in January — November increased by 8.4 percent.
• The refinancing rate (reduced 6 times) is 9.5 percent.
• Annual inflation, as of December 1st, was 5.4 percent.

Work for results

After successfully solving the problem of adapting the economy to new foreign economic conditions, the Government had a goal — to reach a sustainable development trajectory set by the five-year plan.
To solve this problem, a target plan was prepared, mobilising all available resources and production capabilities of enterprises to achieve the goal of economic growth by 3.8 percent, set by the Head of State.
The Belarusian model of socio-economic development has once again confirmed its consistency and stability, contrary to the forecasts of sceptical experts from international financial organisations, who at the beginning of the year predicted very modest results for us.
In terms of the pace of economic development, Belarus this year has not only outstripped its closest neighbours, but also generally demonstrates results above the world average — according to the IMF, global economic growth in 2023 will be 3 percent. This clearly confirms the fact that the economic blockade imposed by the collective West has been overcome. The economy has fully adapted to operate successfully in the new conditions.
What is important is that there remains high demand for Belarusian products in foreign markets. Export values remain at an 11-year high.
The efficient operation of the economy ensured an increase in real incomes of the population by 6.1 percent, wages by 10.7 percent, and old-age pensions by 12.1 percent.

Ilya Shvedko

Year of discoveries

In conditions of geopolitical turbulence, the key task for Belarusian exporters is new geography, new routes, new quality. Particular attention to the African continent. Aleksandr Lukashenko visited Zimbabwe, Equatorial Guinea and Kenya in 2023, and on the sidelines of the climate summit in Dubai held negotiations with the leaders of a number of other states. Our country has established diplomatic relations with 51 of the 54 states of the African continent.
In 2024, it is planned to increase exports to this region by at least 2.5 times. The reference points have already been identified: Egypt, Kenya, Nigeria, Zimbabwe, South Africa and Equatorial Guinea.
It is important that Belarus comes as a friend, without a negative background. We have never had any clashes based on colonialism. That is, we are absolutely open players for African states who have never done anything bad to them. Therefore, there is great trust in us. And even Belarusian tractors are well known in Africa.

Aleksey Bibikov

Positive charge of the economy

On November 3rd, during a working trip to the Ostrovets District of the Grodno Region, President of Belarus Aleksandr Lukashenko visited the Belarusian NPP, where the second power unit was finally put into operation. Our country has joined the club of powers that use atoms for peaceful purposes.
Thus, a serious step has been taken in strengthening the energy security and energy independence of our state. Thanks to this strategic megaproject, Belarus has completely abandoned the import of electrical energy and, importantly, reduced its dependence on imported natural gas.
BelNPP has already made it possible to replace 5.8 billion cubic meters of natural gas. Currently, the plant operates in two units and produces more than 55 million kWh of electricity daily. In total, the plant generated about 22 billion kWh.
An environmental effect was also achieved: due to the operation of the Belarusian NPP, greenhouse gas emissions were significantly reduced.

Aleksey Bibikov

Industrial driver

Despite the unprecedented sanctions of the collective West, our enterprises did not stop and continued to work. Moreover, during this period they increased production volumes.
The country has achieved particular success in the production of passenger cars. For example, if in 2022 BELGEE produced and sold 25 thousand cars, then by the end of 2023 the production of 66 thousand cars was ensured.
In 2023, the first batch of BelGee X50 cars rolled off the plant’s assembly line — a car produced under the plant’s own brand. This is the next level of interaction with Geely.
And in March 2023, during a visit to China, the President of Belarus held a meeting with the leadership of the First Chinese Automobile Corporation FAW Group. It is a serious player in the Chinese automobile industry.
In September last year, the UNISON company in the village of Obchak, Minsk District, launched the production of cars of the premium Hongqi brand, owned by the FAW Group concern.

Yury Mozolevsky

Strategic decisions

Last year, President of Belarus Aleksandr Lukashenko instructed the Government and the National Academy of Sciences to work on creating a so-called brain core in the country, capable of evaluating and supervising large-scale projects.
The Belarusian leader emphasised the importance of strategic projects. According to him, this is the future not only of any system, but of any country as a whole. Strategic projects, if we talk about Belarus, are the future of our country. Without a future, not a single person, not a single system, not a single state can exist.
In November, the Head of State signed Decree No. 357 ‘On the Council for Strategic Projects’. The structure was created to improve the planning, development and implementation of strategic projects, and the implementation of the results of scientific activities into production. Ensuring the activities of the Council is entrusted to the National Academy of Sciences of Belarus.

Ivan Yarivanovich

Bets are placed

In 2023, the refinancing rate changed six times. And what is important, it decreased.
The Board of the National Bank made this decision taking into account the steady slowdown in inflation in our country, which has a positive effect on the expectations of economic agents. Today the refinancing rate is 9.5 percent.
“The rate reduction will give impetus to economic development. We see that deposits in Belarusian roubles are becoming more and more attractive, and loans are becoming cheaper. All this indicates a stable state of affairs in the economy. Without an economic component, the development of any state is impossible,”  notes Doctor of Economic Sciences Valery Baynev.
By the way, according to the forecast of the National Bank, the refinancing rate in Belarus is projected at 9–9.5 percent per annum in 2024.

By Vladislav Sychevich