Why does Belarusian economy grow despite sanctions?

The trail of numerous sanctions packages from the West after the 200th elections, to their surprise, turned into our economic growth figures in 4.5 years.

Belarus took the third place in the ranking of European countries in terms of expected GDP growth in 2024. Moreover, we do not see the largest economies of the continent next to us.

So, according to the International Monetary Fund, our country's economy will add 3.6% by the end of this year (initially they gave us 1.5% at most). (By the way, the World Bank also improved its forecast for us and raised the rate to 4%). Together with Belarus, Russia shares the third position in the IMF rating, whose growth, according to the fund's statistics, is also 3.6%. Malta is in first place - they expect to receive 5%. Next up is Serbia - they expect to add almost 4% to their credit. I will note that both countries are gaining momentum, primarily due to the development of trade and tourism - that is, they earn money on services! Of the closest neighbors, Poland is given about 3%. Lithuania is below 2.5%.

Alexey Avdonin, analyst at the Belarusian Institute for Strategic Studies:

"Such successes are primarily due to the fact that we have chosen the right vector of geopolitical development. We are focused on the Russian market, we have access to relatively cheap energy resources from Russia, and this affects the cost of our products, and therefore their competitiveness not only on the Russian market, but also on the markets of other regions. We earn money on exports, supplying the domestic market. Industry is developing intensively. The growth rate of industry is more than 9%. Construction, transport, and agriculture are growing. Now the domestic market is supplied by our products due to import substitution. And we have successfully entered a number of programs in the Russian Federation, including filling their niches that were vacated after Western corporations left there."

Germany, for example, was not included in the shortlist! They do not expect GDP growth in one of the largest economies on the continent and even predict a small minus with problems in the industry. Exports have sharply decreased. The unemployment rate has increased. France, Great Britain, Belgium, Italy and other initiators of anti-Russian and anti-Belarusian sanctions also dropped out of the rating. They are not expecting a miracle. The military conflict in Ukraine and the tricks of the American establishment have led to the fact that the main driver countries of the continent do not plan to grow economically.