Club Evening July with Dr Alexander Knuth, Expert of the German Economic Team Belarus (GET Belarus)
Since 2010, the German Economic Team in Belarus (GET Belarus), together with Belarusian and foreign experts, has published an annual analytical study, "Belarus: Macroeconomic Outlook", which provides an analysis of the current state of the Belarusian economy and its development forecast for the next 12 months. Over the past few years GET Belarus has proved to be the most objective and reliable source of information.
Thanks to the Club's close cooperation with GET Belarus, of which we can be rightfully proud, since 2014 the Club members have been among the first to receive exclusive information from the new Forecast, the results of which GET Belarus experts present every year at one of the Club evenings. Also this year Alexander Knuth, GET Belarus expert, continued this great tradition with his speech.
Mr. Knut started his report with macroeconomic analysis. Mr. Knut mentioned positive signals of economic growth, especially in some sectors, such as industrial production, but said that the trend so far cannot be regarded as absolutely stable. Despite GDP growth in the first half of the year, a fall in GDP should generally be expected in 2017.
Inflation is slowing down and is within the forecast parameters, which is why the work done by the National Bank was noted positively. Mr Knuth mentioned the decline in real incomes and the associated spiral effects on the economy, but noted that this development was in line with the overall difficult economic situation in the country. The report concluded with a very optimistic forecast for 2018, according to which GET Belarus, as well as other experts, expect positive economic growth in Belarus - primarily due to a recovering domestic economy, increasing demand from major importing countries, and rising prices in the commodities sector.
The evening traditionally ended with relaxed networking and an exchange of views as part of a festive buffet.
Thanks to the Club's close cooperation with GET Belarus, of which we can be rightfully proud, since 2014 the Club members have been among the first to receive exclusive information from the new Forecast, the results of which GET Belarus experts present every year at one of the Club evenings. Also this year Alexander Knuth, GET Belarus expert, continued this great tradition with his speech.
Mr. Knut started his report with macroeconomic analysis. Mr. Knut mentioned positive signals of economic growth, especially in some sectors, such as industrial production, but said that the trend so far cannot be regarded as absolutely stable. Despite GDP growth in the first half of the year, a fall in GDP should generally be expected in 2017.
Inflation is slowing down and is within the forecast parameters, which is why the work done by the National Bank was noted positively. Mr Knuth mentioned the decline in real incomes and the associated spiral effects on the economy, but noted that this development was in line with the overall difficult economic situation in the country. The report concluded with a very optimistic forecast for 2018, according to which GET Belarus, as well as other experts, expect positive economic growth in Belarus - primarily due to a recovering domestic economy, increasing demand from major importing countries, and rising prices in the commodities sector.
The evening traditionally ended with relaxed networking and an exchange of views as part of a festive buffet.