Macro - Country Economic Forecasts - Belarus

Macro - Country Economic Forecasts - Belarus

We nudged down our Belarusian growth forecast to 1.9% this year, from 2%, while keeping our 2025 growth forecast unchanged at 1.8%. The change to our forecast reflects the impact of continued sanctions, and consumption and investment cooling in the wake of inflation and interest rate increases. We still expect the economy grew by 3.7% y/y in 2023. Data indicate a robust Q3 2023 with increases in government consumption and investment helping to drive a GDP expansion of 3.8% y/y from January to November.

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