High salaries fueled inflation in 2023 – think tank
February 6, Pozirk. High salaries accelerated Belarus’ price growth in 2023, says the recent report by the Košt Urada think tank that analyzes Belarusian finances.
Last year, salaries outpaced labor productivity, exacerbating the market imbalances and reducing the competitiveness of local goods and services, the experts said.
In December, salaries in Minsk exceeded the national average of 2,271 rubels ($708), rising to 3,240 rubels ($1,010). Real salaries in Minsk adjusted for inflation increased by 11.7 percent, while growth across Belarus ranged from 10 percent in the Homiel region to 13.3 percent in the Mahiloŭ region, Košt Urada reported, noting that by late 2023, salaries outpaced inflation.
Despite the central bank’s warnings, officials plan to keep raising salaries and pumping money into the economy ahead of the 2024-25 elections. However, the economy may be affected by shocks resulting from excessive money supply even before the election cycle is over, the experts warned.
- Economy, PoliticsOfficial reports record growth in small business sector amid sanctionsThe material is available only to POZIRK+
- PoliticsNausėda: Belarusian opposition still welcome in VilniusThe material is available only to POZIRK+
- Economy, SocietyHealth ministry expecting 20-percent increase in pharmaceuticals outputThe material is available only to POZIRK+
- PoliticsŁukašenka signs law allowing Russians to vote in local electionsThe material is available only to POZIRK+
- EconomyBiełavija to launch passenger service between Minsk, Thailand in JanuaryThe material is available only to POZIRK+
- EconomyCentral bank reports spike in individuals’ depositsThe material is available only to POZIRK+
- Politics, SecurityPolice, soldiers searching for fallen drones in southern BelarusThe material is available only to POZIRK+
- PoliticsŁukašenka promises Trump Nobel Prize — just not this yearThe material is available only to POZIRK+
- PoliticsTertel: talks with Washington revolve around UkraineThe material is available only to POZIRK+
- PoliticsOpposition politician: Belarusians fighting for Russia victims of propagandaThe material is available only to POZIRK+
- Economy
- EconomyBelGee sales in Russia surge by 61 percent, MAZ bus sales dropThe material is available only to POZIRK+
- EconomyBiełstat: corporate debt up 31.6 percent in January-AugustThe material is available only to POZIRK+
- Politics, Security
- PoliticsOpposition politician seeks solutions for Belarusian exiles in PolandThe material is available only to POZIRK+
- Politics, Security
- PoliticsIrregular Belarus-EU border crossings twice as high as year agoThe material is available only to POZIRK+
- Politics
- Economy, SocietyBelarusian customs stop 1.2 tons of clothes and shoes from RussiaThe material is available only to POZIRK+
- Politics, SocietyReprisals: jailed journalist reportedly refuses to petition for pardonThe material is available only to POZIRK+