Belorussia

Economy of Belorussia in 2016

In the economy of our brotherly state observed the processes of recession. In January-February 2016 the country’s GDP fell by -4% compared to the last year. On March 30, 2016 the Republic of Belorussia has received the first tranche of 7 from the Eurasian development Bank (EDB). Totally in 2016-2018 years will be allocated 2 billion dollars.

From April 01, 2016, the National Bank of Belarus took a decision to lower the refinancing rate by 1% to 24%. Thus was somewhat adjusted rate increased by 5 points in January of 2016.

Leading analytical centers of the world predicted the Belarusian economy decrease for the year at -0.1%-2.2% and inflation (CPI) 14.2%-18%. The most rigorous forecast of development of the Republic of Belarus was made by the specialists of the International monetary Fund (IMF). They expect country’s growth (+1.6%) in 2020.

The Belarusian government meanwhile approved the forecast of development as GDP growth by 0.3% and inflation at 12%.

At the same time the President of Belarus A. G. Lukashenko at the meeting on March 29, 2016 called for renewed negotiations on accession to the world Trade Organization (WTO).

Sources: BELTA, President of Belorussia, FreeSMI, NewsBEL, EABR, IMF.