Updated at 13:48,15-08-2017

Government economists expect GDP growth of 2.6 percent in 2015

Naviny.by

Belarus' Gross Domestic Product (GDP) may grow by 2.6 percent in 2015, according to a forecast by government economists.

The government plans to conduct tight macroeconomic and monetary policies aimed at reducing inflation and securing the Belarusian rubel's stability, BelaPAN has learned.

Speaking at a meeting of the Presidium of the Council of Ministers in mid-June, Economy Minister Mikalay Snapkow suggested that the government focus on slowing down inflation rather than spurring economic growth next year.

"In our view, it is inflation that should be identified as a priority for securing a balanced economic situation in 2015," he said.

The minister warned that a tight monetary policy would be needed to limit inflation to 12 percent next year. In particular, he called for reducing funding for state programs.

Belarus' GDP increased by 1.5 percent year-on-year in the first five months of 2014, while the government had projected a GDP growth rate of 3.3 percent for the whole year.