According to the World Bank estimates, Belarus' GGP will expand by 1.5% in 2014, Sebastian Eckardt, a senior economist with the World Bank Group, said during the presentation of the World Bank economic survey on Belarus, BelTA has learned.
"This year the GDP growth is expected at 1.5%. We revised our forecast upward, compared with the forecast we did in April this year,” said Sebastian Eckardt. In April 2014, the World Bank projected the GDP growth at 0.5% over 2013.
Domestic demand and improvement in the indicators of net export and reduction of import were the major growth drivers accelerating the growth of real GDP in Belarus, Sebastian Eckardt said.
When speaking about Belarus' GDP growth in 2015, the World Bank projects it at the level of 1.8%. It is noted that next year's economic growth prospects are weakened by the low economic growth of Russia and Ukraine which are the key export partners for Belarus. In order to reduce Belarus' dependence on external support and to stimulate the sustainable economic growth relying on increase in productivity, Belarus is recommended to ensure macroeconomic stabilization and to implement comprehensive structural reforms.
Written by belta.by
