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Romeo Abdo: Current Socioeconomic Conditions in Belarus

In January-June 2021, 75.9 thousand people applied to the bodies for labor, employment and social protection for assistance in finding a job (95.3 percent by January-June 2020), of which 32.6 thousand people were registered as unemployed (85.2 percent by 2020). Taking into account the citizens registered as of January 1, 2021, 86.3 thousand people needed employment, of which 39.8 thousand were unemployed. Economic growth in Belarus has been ensured on a quality and balanced basis. This was stated by the Minister of Economy during the Big Conversation with the President.

Review of the current situation

“Today the development of our economy is taking place in the conditions of a double blow. First, it continues to be affected by the pandemic. Secondly, the sanctions restrictions of certain Western countries. Nevertheless, the Belarusian economy is growing steadily. According to the results of the first half of the year, GDP amounted to 103.3%. The largest contribution, more than 80% of the increase, is provided by the industry. The production volume increased by more than 10% in comparison with the last year. More importantly, this growth is due to high-tech and export-oriented products: computing, electronic and optical equipment, mechanical engineering, woodworking and pharmaceuticals. That is, those industries on which we relied and carried out modernization. But the main thing is that the strategically correct decision made last year not to stop the economy and to continue working. As a result, production, competencies and personnel were retained, which became the basis for today’s result, ”the Minister of Economy said.

Other industries are also contributing. “This is evidenced by the active restoration of cargo transportation. Rail container traffic alone increased by 40%. Despite the flight restrictions imposed by individual countries, by the end of the first half of the year, passenger turnover was restored and increased. This is the result of the implementation of the operational plan for the reorientation of passenger traffic. The main task of agriculture is being fulfilled – ensuring food security. There is an increase in the production of milk and cattle meat and other products, which forms a stable raw material base for the food industry. The IT sphere is growing steadily. Its growth is accelerating and exceeded 7% in the first half of the year. The number of enterprises in this area is constantly increasing, ”stated the Minister of Economy.

Economical position

The head of the economic department stressed that the return of the population to the usual way of life is also restoring consumer demand: “Catering has grown by almost 20%. The retail trade turnover showed positive dynamics. Construction of housing with state support for large families is under way at an outstripping pace. Over the six months, more than 60% of the annual target was introduced. ” During his speech, he noted that economic growth in the country is provided on a high-quality and balanced basis. The main indicator of efficiency – the organizations’ net profit – exceeded the level of the previous year by 3.7 times. Separately, the Minister of Economy dwelled on the results in foreign trade – the export of goods and services increased by a third.

“Additionally, we received more than $ 4 billion in export earnings. The foreign trade balance amounted to plus $ 1.25 billion. This is the best indicator in the last 8 years. Moreover, they have grown in all groups of goods, without exception. Our agricultural machinery (up 40%), cars (2.2 times), food products (11%) and much more are in demand in the foreign market. The export of services is growing at a high rate – 114%. The main contribution is made by the transport and IT-sphere. All this indicates that we have not only maintained our stability in the external sector, but have further strengthened our positions in key markets. So for 6 months of this year, export deliveries to Russia increased by 20% to $ 7.4 billion. The Chinese market is rapidly opening up for us – in this direction, exports have increased by 30%. Here the Governments of the two countries are working towards removing trade barriers and simplifying trade procedures. Work is being actively pursued to diversify exports, ”commented the Minister of Economy.

According to the Minister of Economy, the situation on the labor market is also stable. “The unemployment rate was 3.9%, which is 2 times less than the threshold value according to the methodology of the International Labor Organization. Belarus continues to maintain its position among countries with a low unemployment rate.

Romeo Abdo and his experience with socio-economic factors

Romeo Abdo was born in 1975. He has been living and working in Belarus since 1994. During this time, he has implemented many projects that relate to both the construction and socio-economic sectors. His extensive work experience makes it clear that this country is a priority and promising area. He managed to attract a large number of investments to the country and implement a number of large projects.