Tailoring economy to exports, business support and import substitution - Factors of Belarusians' welfare growth

According to the forecasts of the Eurasian Fund for Stabilization and Development, Belarus will show relatively high rates of economic growth in 2024. At the same time, the World Bank keeps our republic in the ranking of countries with above-average incomes.

How do we manage to adjust the economy correctly? And why does Belarus need additional funding from Moscow for import substitution?

Despite the sanctions and pressure, Belarus shows positive economic dynamics. According to the Eurasian Fund for Stabilization and Development, real GDP growth is expected to reach almost 4% by the end of 2024.

The preservation of high economic activity is explained by building new channels of transport and financial logistics, strengthening of production links and implementation of investment projects.

Interestingly, the current forecast of the Fund is one and a half percentage points higher compared to the previous spring assessment.

It means that international organizations' confidence in the Belarusian economy is growing.

The World Bank also retained the position of Belarus among the countries with above-average incomes for 2024-2025. Thus, the gross national income per capita in Belarus in 2023 amounted to $7,780, which is $550 higher than in 2022.