After a strong recession in 2022, the Belarusian economy grew by 3.5% in 9M2023. Due to the declining base effect and low growth potential, GET expects a slowdown in the growth pace (2.0% in 2023), which will be followed by economic stagnation (0.1% in 2024). Inflation is currently very low (2.0% in Sep-23), but the medium-term outlook is uncertain as the current low rate depends on price controls. Foreign trade is characterised by increasing dependence on Russia.
