No economic growth in Belarus in 2016

Belarus’ socio-economic development forecast for 2016 envisages GDP growth at 0.3%. In 2015, for the first time in the last 15 years, GDP will reduce by at least 3.5%. Amid low base in 2015, the minimum growth forecast for 2016 means Belarus lacks drivers of economic growth. In 2016, real incomes will fall, the tax and administrative burden on profitable businesses will increase in order to keep large giants of mechanical engineering afloat, and social protection for the population will be cut. If oil prices continue to fall, the national currency exchange rate may be adjusted in order to improve competitiveness of the Belarusian exports.