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«AgroInvest» — News — Rapid economic expansion in Belarus in H1

Rapid economic expansion in Belarus in H1

2011-08-02 16:38:34

Belarus was experiencing a robust economic growth through H1, Prime Minister of Belarus Mikhail Myasnikovich told a session of the Council of Ministers on 2 August, BelTA has learnt.

The economic expansion was linked to the vigorous development of the manufacturing industry, construction, and agriculture. Key installations were commissioned, thousands of jobs were created.

The Prime Minister emphasized that quality indicators improved compared with 2010, including profit margin, labor efficiency, share of innovative products and energy efficiency. For the first time in many years, export was growing faster than import. “As a result in May-June this year foreign currency revenues exceeded the payments by $400 million a month,” Mikhail Myasnikovich said. The social development was stable, too.

These results were attributed to the efforts of the President, members of the government, heads and specialists of enterprises and organizations, Mikhail Myasnikovich said. “However, many issues remain unsolved. Not all economic operators and their heads show initiative, responsibility and efficiency,” the Premier stated. In his words, these issues should be discussed objectively and in detail at the session of the government.

The head of government noted that the economic difficulties of H1 revealed the excessive increase of quantity over quality. “Those officials and top executives who, like in the previous years, rely on the expanding domestic demand, credits and budget loans, subsidies and government protection are totally wrong. Everything is going to change now. The price for their excessive use is too high,” Mikhail Myasnikovich said. The Premier reminded that the government and the National Bank had to adopt unpopular measures to narrow the huge foreign currency gap in the balance of payments and to increase price competitiveness of all economic operators both on the foreign and domestic markets.

Mikhail Myasnikovich emphasized that the gains from the reduced exchange rate of the national currency are temporary and will go away soon. Ministers, heads of companies and specialists should take advantage of the situation to carry out restructuring, raise foreign direct investments, enhance innovative development and efficiency of utilization of resources. The inaction of top officials and local authorities is inadmissible. “2011 is the moment of truth for each official,” the Premier underlined.

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