Snopkov: there is an opportunity in every crisis

Belarus’ First Deputy Prime Minister, Nikolai Snopkov, asserts that the Belarusian economy is now demonstrating balanced and high-quality development

“A three percent GDP growth is a good figure; importantly, it’s on a balanced basis. This is confirmed by exports growth by $6.5bn. For the first time since 2013, Belarus demonstrates a high positive foreign trade balance: $2bn. This is an excellent indicator which forms the gold reserves, the currency stability, people’s tranquillity and normal economic atmosphere in the country.”

The same applies to the enterprises against which western sanctions have been imposed. As Mr. Snopkov noted, external demand is high this year, “We predict the same level of external demand will continue at least next year. We’ve not closed our enterprises or introduced lockdowns. Our companies were ready for such demand. At the moment, exports of investment (mechanical engineering products), consumer (furniture) and food products are ensured.”

The First Deputy Prime Minister added that these trends should continue in the coming year. However, sanctions also affect the situation. “It’s not for nothing that a wise Chinese proverb says: there is an opportunity in every crisis. Our opportunities rely on our new look at the situation, evaluation of business processes, export strategies and companies’ possibilities to buy components. After all, we look differently at the efficiency of enterprises. These create a different economic atmosphere aimed not at the process (gross indicators) but the result: generation of profits, export earnings and wages,” he noted.

Mr. Snopkov believes the sanctions shake-up has enabled the country to reshape our attitude. In the current short-term period, it has affected Belarusian companies but professionalism of heads and ministries has made it possible to get out of this situation competently, efficiently and flexibly.