Why did World Bank scare Belarus with stagnation and stagflation?

The World Bank raised the economic development target for Belarus to 4% by the end of the year. At the beginning of the year it was one with a small tail. First Deputy Prime Minister of Belarus Nikolai Snopkov was asked to comment on it in the program Main Air.

The classic genre of international financial institutions,” he said. “At the end of 2023, at the beginning of 2024 they scare us with stagnation, almost stagflation, lower growth, lower living standards – this is classics,” said Nikolai Snopkov.

According to him, then, based on what they see in reality, they try to save face. “At the moment it is not difficult to calculate, especially since the previous estimate was 1.5-1.7% lower, somewhere - 2.3-2.4%. And suddenly it's 4%. But they can't constantly give a forecast of 1% or 1.5%, seeing that the country will come to 4% and higher. That is why they are on changing their indicators and readings on the way in order to save their face and show the real picture, which, in principle, could have been shown already at the beginning of the year, if they really calculate according to models that can be trusted. If they show such a situation at the beginning of the year according to their models, can they be trusted?”

Nikolai Snopkov believes that everyone is playing their own game. “And we have to do what we have to do. Calmly, painstakingly engage in our own development,” he emphasized.