Priority Directions for Development of Belarus: Regional Strengths, Economic Stability, and Finance

Prime Minister Alexander Turchin has made it clear: "There will be no significant correction to our economic course. The key approach is 'evolution without revolution' — working towards more successful economic development gradually, without abrupt shifts or surges."

The priority is our people, enhancing their well-being, and improving quality of life through sustainable and balanced economic growth in Belarus.

In other words, Belarus is stepping into a new phase of development — one that values not just economic growth at the expense of other macroeconomic indicators, but rather seeks balance. It aims for a systematic development of all areas of societal life!

Ahead of the government lies a five-year social and economic development program, which will be presented at the All-Belarusian People's Assembly.

The focus is on ensuring a high standard of living for Belarusians through increased labor productivity, enhanced competitiveness, and a high level of added value in Belarusian products and services in the markets of Russia and China.

Thus, by January 2025, real wages in Belarus have increased by 13.5%.

As an export-oriented country, simply put: the more we trade with foreign countries, the greater our income becomes, leading to greater wealth! However, international markets come with significant competition, necessitating intelligence, an awareness of trends, and the creation of innovative, competitive products for successful trade.

A second crucial direction for the social and economic development of the republic is a strong focus on regional growth. This reflects the practical implementation of the President's campaign pledge: "Strong regions lead to a strong country." In this context, the current government includes several former governors as well as the Mayor of Minsk.

With numerous regional programs underway in Belarus, it is now vital to redefine them and address one of the key challenges facing our economy: the outflow of economically active individuals from most districts of the republic.

What about the banking and financial sector? The new head of the National Bank, Roman Golovchenko, has stated: "The banking system has adapted to shocks and challenges. Despite sanctions, we have learned to live with them and have found our own pathways; sanctions are temporary, and common sense will prevail."

A stable financial system is critically important for the resilience of not only the economy but the state as a whole. Back in 2020, destructive forces did not simply rattle the banking system; they provoked bank runs aimed at withdrawing deposits through a campaign of fake news. This pressing issue touches every individual, their savings, their accumulations, and their financial planning.

Thus, providing stability for the banking and financial system remains paramount.

According to the Ministry of Economy, trust in the Belarusian ruble is growing, and its role in the economy is strengthening. Citizens are increasingly inclined to save in the national currency, with deposits in the Belarusian ruble on the rise. In January and February 2025, individuals in Belarus sold nearly $8 million more in foreign currency than they purchased.

In conclusion: the government and National Bank have renewed themselves, and this change is for the better — paving the way for balance and development!