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Friday, October 20, 2017

Belarus on track to post highest GDP on record in 2014

Prime Minister of Belarus Mikhail Myasnikovich announced on Tuesday that the country plans on securing its highest GDP on record of $72 billion this year.

Myasnikovich said Belarus' GDP from January to May was $27 billion, with the estimated year end figure hitting $72 billion, or more than $150 billion in terms of purchasing power parity, BelTA reports.

The increased GDP figures are attributed to efforts made by Belarusians who were awarded by the prime minister on behalf of the president at a ceremony held on July 1 to honor prominent citizens.

"However, constantly moving forward is as important as reaching high figures," Myasnikovich said, according to BelTA. "It's like riding a bicycle: in order to stay competitive, you have to pedal all the time and move without stopping. Investments in new technologies, equipment, and factories represent the essence of our economic policy."

Belarus has invested more than $65 billion in fixed capital during the current five-year term, which is a figure as large as the nation's annual GDP.

"So instead of consuming we have spent one of the three GDPs created in the current five-year term on development," Myasnikovich said, BelTA reports. And the money needs to bear profits."