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Stanislau Bahdankevich: Freeloading Disappeared, And Whole "Model" Collapsed

Stanislau Bahdankevich: Freeloading Disappeared, And Whole "Model" Collapsed
STANISLAU BAHDANKEVICH

Former Chairman of the National Bank of Belarus commented on the decline in GDP.

We remind that GDP amounted to Br10.39 billion in current prices in January this year, which is 1.9% less in comparable prices than in January 2019, Radio Racyja reports.

- Decrease in GDP for a month is not fatal, but people will live poorer. Naturally, this is due to the fact that Belarus has not agreed with Russia on oil supplies.

Oil refining has decreased, as well as exports of petroleum products and, consequently, costs are growing. All this makes sense. It is another thing that the authorities were unprepared for such a situation, which is why GDP is falling.

- The government expected to finish the year with GDP growth of 2.8%. Is this possible in the current situation?

- The year has just begun, so it is difficult to estimate anything. But the stagnation of the economy has not started today and even the GDP growth by 1.2% is a statistical error.

We see that there is no recovery of the economy, no reforms. The authorities know about it, but they are constantly pointing at their "most progressive " economic model. And "progressivity" is to buy cheap Russian oil, process it and sell it several times more expensive.

The whole "model" has collapsed. Until the authorities think about it, stagnation will continue. If they do not comprehend it, problems will soon appear on the financial market.

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