Out of the “storm” of negative factors Belarus has emerged with an ideal macroeconomy, Alexander Zaborovsky, Chief Advisor to the Chairman of the Board of the National Bank of the Republic of Belarus, declared during the international conference held in Minsk on June 2 to discuss economic security in a globalized world.
The expert pointed out that in previous years Belarus’ development was in essence simultaneously affected by many serious external and internal factors. Those included the end of a super cycle on the energy market, a conflict between the main partners, sanctions and countersanctions in relations between the European Union and Russia, difficulties with Eurasian integration, and other things.
Alexander Zaborovsky said: “In my opinion, we’ve emerged from this “storm” with an ideal macroeconomy. It was not fast but we did it. If we look at all the macro parameters, we will see steadily declining inflation, a noticeable decrease in the deficit of the balance of payments, rising gold and foreign exchange reserves. The gross domestic product is no longer falling.”
A number of conclusions can be made bearing these facts in mind, said Alexander Zaborovsky. Belarus should not hold any hopes for favorable external conditions. The country should be cautious about the favorable change of trade terms and the net inflow of capital.
“Global indetermination is high. Global growth is brittle. This is why this year’s policy when we used very conservative estimates to draft the state budget has been justified, in my opinion. The policy has allowed making a serious contribution to the macroeconomic stability, restoring certain buffers in the budget and the money and credit system,” explained Alexander Zaborovsky. “It has improved our resilience to shocks. We can forget about procyclicality in politics.” (BelTA/Business World Magazine)