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IMF expects economic slowdown in Belarus in 2015

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IMF expects economic slowdown in Belarus in 2015

The International Monetary Fund forecasts that the GDP of Belarus in 2015 is to fall by 2%.

It was stated at a press-conference in Minsk on March 16 by the head of the Fund’s mission to Belarus David Hoffman, BelaPAN informs.

“According to estimation of the fund’s team, it is highly possible that there would be a recession in 2015,” he said.

The head of the mission in Belarus specified that at the moment the IMF predicts the fall of the GDP in Belarus by 2%, and a certain revival of the Belarusian economy the year after.

“However in absence of changes in the economic policy, the rate of growth in Belarus is to remain low in the next 5 years,” Mr. Hoffman stressed.

As said by him, in order to change the path of the economic growth in Belarus it is necessary to peruse a coherent economic policy, to follow the recommendations of the fund and start implementation of “deep structural reforms” with the aim to increase productivity of enterprises.

“With such a scenario the rate of growth in 2015-2016 could be even lower than predicted. However these losses are to be compensated by a much higher rate of economic growth in the next years,” the chief of the mission said. As experts of the fund believe, he added, in case deep economic reforms are implemented, the rate of growth could accelerate considerably, and in the midterm the economy of Belarus could grow by 4-5% a year.

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