The latest data suggest a possible slowdown in GDP growth. Thus, the pace of development will not be as impressive as this year. According to experts, this is also influenced by the objective laws of the world economy and internal laws.
Belarus ranks 37th in the World Bank rankings.
Economists have calculated that the Belarusian economy, of course, will not go into the negative. The recovery, which started last year, and continued this year, gives hope for further growth. But the pace is likely to decline. If by the end of the year, the bank gives Belarus a 3.4% growth, then in the next two years – up to 2.5.
The World Bank takes into account the external debt and a possible reduction in external demand, mainly from key partners, primarily Russia. The open Belarusian economy is generally dependent on external demand. The overall stability of the market depends on how exports work. The volatility of world prices for raw materials is also a test.
The World Bank supports Belarus’s commitment to reform. As far as the country is actively changing the laws in favor of the development of private business and the real sector, the Doing Business rating notes the positive dynamics.
In the near future, Belarus will improve taxation. Now it is one of the most vulnerable positions in the ranking. The system will become simple and clear. The New Tax Code has already been submitted to parliament. The updated document will take effect from January 1.
