Belarus President signs social, economic development documents for 2021

Belarus President Aleksandr Lukashenko signed Decree No.480 “On major parameters of the forecast of Belarus’ social and economic development for the year 2021” on 22 December.

The document specifies the following important parameters, which are supposed to improve living standards:

growth of real disposable monetary incomes of the population at 101.6%,

working-age unemployment in accordance with International Labor Organization methods at 4.2-4.4%,

housing to be commissioned with state support at 1 million m2 at least,

growth rate of prices for socially important goods at 104.9% (December 2021 as against December 2020). It is the first time this indicator has been introduced. It targets changes in prices for the main products that the population uses every day. This is why for the sake of social protection of the population this parameter has been set below the overall inflation (5%),

the share of fixed-capital investments in the GDP at 21.3-21.7%,

GDP growth rate in 2021 at 101.8%.

In order to achieve the social and economic development targets the presidential decree specifies, the government has been authorized to pass a plan on the social and economic development of the Republic of Belarus in 2021. The plan will have to mobilize resources in order to resume economic growth while maintaining macroeconomic balance.