GDP Growth of 2.8%, Inflation No Higher Than 7%: Lukashenka Sets 2026 Targets

Alyaksandr Lukashenka has signed two decrees setting the parameters for Belarus’s socio-economic development in 2026, as well as the targets for monetary policy.

According to the documents, next year’s projections include:

• GDP growth of 2.8%,
• investment growth from all sources of financing by 3.1%,
• export growth of goods and services by 3.7%,
• and an increase in household income by 4.8%.

The monetary policy targets are as follows:

• inflation no higher than 7%,
• international reserve assets of at least USD 9.2 billion by the end of the year,
• the share of non-performing assets in banks’ credit-risk-exposed assets not exceeding 10%,
• availability of automated systems used by participants in Belarus’s payment market at no less than 99.8%,
• and an increase in investment financing volume of at least 13%.

According to Lukashenka’s press service, GDP growth is expected to be driven by increased investment in fixed assets, growth in exports of goods and services, and the “stimulated growth of household income.”

For reference, this year’s GDP growth target was set at 4.1%, but the Belarusian economy expanded by only 1.6% over the first nine months.

The inflation target for this year was set at no more than 5%, while the actual annual inflation rate for the same period reached 7.1%. Thus, next year’s target for price growth corresponds to the current inflation level.