Belarus development forecast, monetary management guidelines for 2014 approved 

Belarus President Aleksandr Lukashenko has approved the most important parameters of the country’s social and economic development forecast and the major monetary management guidelines for 2014. Aleksandr Lukashenko signed the relevant decrees on 31 December.

In particular, the gross domestic product is expected to grow by 3.3%. Labor productivity will rise by 6.9% (measured by the gross domestic product), with the export of commodities and services up by 8.6%.

The foreign trade surplus is expected at 0.1% as against the gross domestic product.

In 2014 the investment policy will be aimed at improving the investment climate, with net foreign direct investments expected at $4.5 billion.

In 2014 measures will be taken to save resources, reduce manufacturing and selling costs. As a result, the energy consumption of the gross domestic product is supposed to be reduced by at least 3%.

Plans have been made to build 2.5 million m2 of housing with state support.

These targets are supposed to ensure quality living standards for the Belarusians. Real disposable incomes of the population in 2014 are supposed to be 103% as against 2013.

In 2014 the average annual refinancing rate is supposed to be 14-16% per annum. Bank lending to the economy will rise by 16-19%, with the international reserve assets in IMF terms up by $0.2-0.5 billion