International Monetary Fund revises forecast for Belarusian economy

October 10, Pozirk. The International Monetary Fund, in the October issue of its World Economic Outlook, predicts that the gross domestic product of Belarus will grow by 1.6 percent in 2023 and by 1.3 percent in 2024.

Previously, the fund’s analysts expected the Belarusian economy to grow by only 0.7 percent this year.

According to the IMF forecast, consumer prices will rise by 4.7 percent in 2023, and by the end of 2024, inflation will be 5.7 percent. The experts also predict that unemployment will rise by 4 percent this year and 3.6 percent in 2024.

The World Bank said in its fall report that Belarus will see GDP growth of about 3 percent in 2023, warning that growth would slow down to less than 1 percent in the next two years.

It expected inflation to reach 8.2 percent by the end of this year, rise to 8.9 next year and decrease to 7.2 percent by the end of 2025 if the government maintains “administrative measures” efficiently.

According to the key economic forecast parameters approved by Alaksandar Łukašenka for 2024, the GDP is slated to grow by 3.8 percent and inflation is to be 6 percent or less.

According to the National Statistics Committee, GDP growth for January-August 2023 was 3.1 percent, while consumer prices increased by 2.93 percent. The real disposable income of the population increased by 4.5 percent from January to July.

Foreign exchange reserves amounted to $7.93 billion as of October 1.