There is no economic overheating in Belarus, said First Deputy Prime Minister Nikolai Snopkov.
The Deputy Prime Minister made this statement at a joint session of the chambers of the National Assembly.
Snopkov's words are quoted by BELTA .
Why Belarus Doesn't Have an Overheating Economy
As Snopkov explained, some experts are currently discussing the issue of the economy overheating due to the outstripping growth of wages.
However, according to the Deputy Prime Minister, labor costs are increasing in proportion to other costs. The share of labor costs in expenses has hardly changed.
This indicates that there is no overpaid salary, the Deputy Prime Minister stated.
In addition, Snopkov continued, there are no signs of inflation acceleration, there is no pressure on the currency market. Individuals have been net sellers of currency for the seventh month in a row and have sold $900 million worth of currency since the beginning of the year.
The share of spending on non-food items – real estate, cars – is increasing.
In the expenditure basket, from 11.7% in 2023 to 13% in 2024, the Deputy Prime Minister specified.
At the same time, a reasonable disparity between wages and prices with Russia is maintained. With the current growth, the difference in wages is about 30%, on average over the past years, the correct disparity between prices and wages is 25-35% in this range. Thus, there is no need to restrain wage growth.
In principle, there is no overheating of the economy, Snopkov stated.
According to him, the Ministry of Economy evaluates 19 indicators every month, forming the so-called heat map of overheating.
It can be stated that the economy is developing in a neutral zone, the deputy head of government summed up.
