In brief
Ties between Belarus and Russia have strengthened since the latter's invasion of Ukraine, with Belarus acting as Russia's sole supporter in the war effort—an abandonment of the country's previous official policy of neutrality. Belarus will thus remain isolated from Europe over the 2024-28 forecast period as the war drags on and domestic support for the president, Alyaksandr Lukashenka, relies in large part on his ties to Russia and the support of Russia's security apparatus. Western sanctions will continue to hamper Belarus's economic activity, which will decelerate steadily throughout the forecast period, supported mainly by trade with Russia and non-aligned nations.
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Economic growth
(% unless otherwise indicated) | |||
2023 | 2024 | 2025 | |
---|---|---|---|
US GDP | 2.5 | 2.2 | 1.8 |
Developed economies GDP | 1.6 | 1.6 | 1.8 |
World GDP | 2.6 | 2.5 | 2.7 |
World trade | -0.9 | 2.6 | 3.4 |
Source: The Economist Intelligence Unit |
Inflation indicators
(% unless otherwise indicated) | |||
2026 | 2027 | 2028 | |
---|---|---|---|
US CPI | 2.3 | 2.3 | 2.4 |
Developed economies CPI | 2.0 | 2.0 | 2.0 |
Manufactures (measured in US$) | 3.4 | 2.2 | 4.9 |
Oil (Brent; US$/b) | 74.4 | 69.5 | 65.5 |
Non-oil commodities (measured in US$) | -0.7 | 1.5 | 1.9 |
Source: The Economist Intelligence Unit |
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Financial variables
(% unless otherwise indicated) | |||
2026 | 2027 | 2028 | |
---|---|---|---|
US$ 3-month commercial paper rate (av; %) | 3.5 | 2.7 | 2.6 |
¥ 3-month money market rate (av; %) | 0.5 | 0.6 | 0.4 |
¥:US$ (av) | 120.8 | 118.8 | 114.3 |
Rmb:US$ (av) | 6.96 | 6.85 | 6.78 |
Source: The Economist Intelligence Unit |