Belarus's Economy turned out to be stronger than forecasted

According to the Eurasian Development Bank, Belarus' economy fell down by 4.7% in the three quarters of 2022, Sputnik reported. In the fourth quarter, the decline will be 4.6%. And in 2023, GDP is expected to recover by 0.3%.

In January-September, industry fell by 6.1%, cargo transportation – by 25.2%, wholesale trade — by 16.7%, and retail trade — by 2.5%.

It was possible to support economic activity due to the weakening of the Belarusian ruble against the Russian one. Thanks to this, Belarus' export goods turned out to be competitive in the Russian market. The growth of lending to the public sector, as well as the expansion of budget expenditures, also had a positive impact.

The reasons for high inflation in Belarus were the disruption of supply chains, the complication of financial transactions, increased inflation expectations and the weakening of the Belarusian ruble against the Russian one. However, the bank is confident that the peak of price growth is most likely passed.

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Photo: ethereumworldnews.com