The World Bank on Wednesday released its Global Economic Prospects report for this year, which predicted a growth in gross domestic product (GDP) of 1.8 percent.
This report confirmed the prediction made in Belarus' economic development forecast for 2015. That study was released in November 2014. According to Belarus sources, the rate of growth is projected to increase to 2 percent in 2016.
Some of Belarus' partner nations in the Eurasian Economic Union can also expect growth. The World Bank report indicated that Kazakhstan's GDP would also likely grow by 1.8 percent over 2015 and that the Armenian GDP will grow to approximately 3.3 percent. Russia's forecast predicted a contraction of between 2 and 9 percent in the next year.
Overall the World Bank predicts that globally, the economic climate will improve, but there is cause for concern with different trends. The report warns of protracted weakness in global trade, lower oil prices and potential volatile financial markets.