Belarusian Economy in March: Warming Up
Originally published at Belarus Digest. Please leave any comments there.
Amidst the snowy spring of 2013, the National Bank of Belarus finally gave up on its attempts to keep macroeconomic stability, and turned its attention to the real sector.
The National Bank started the policy of cheap credit resources to carry out modernization, the new holy cow of the government; and to meet the forecasted 8.5% of GDP growth till the end of the year. Meanwhile, the independent experts agree that this policy is incompatible with the inflation forecast of 12 per cent in 2013.
The GDP growth rate is rising again - in January-February 2013 the Belarusian economy grew 4.4 per cent compared with the same period last year. However, there is no macroeconomic miracle happening.
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