High salaries fueled inflation in 2023 – think tank
February 6, Pozirk. High salaries accelerated Belarus’ price growth in 2023, says the recent report by the Košt Urada think tank that analyzes Belarusian finances.
Last year, salaries outpaced labor productivity, exacerbating the market imbalances and reducing the competitiveness of local goods and services, the experts said.
In December, salaries in Minsk exceeded the national average of 2,271 rubels ($708), rising to 3,240 rubels ($1,010). Real salaries in Minsk adjusted for inflation increased by 11.7 percent, while growth across Belarus ranged from 10 percent in the Homiel region to 13.3 percent in the Mahiloŭ region, Košt Urada reported, noting that by late 2023, salaries outpaced inflation.
Despite the central bank’s warnings, officials plan to keep raising salaries and pumping money into the economy ahead of the 2024-25 elections. However, the economy may be affected by shocks resulting from excessive money supply even before the election cycle is over, the experts warned.
- EconomyLibyan delegation in MinskThe material is available only to POZIRK+
- EconomyUpper house approves fines for vegetable shortagesThe material is available only to POZIRK+
- PoliticsŁukašenka says Belarusians should be grateful to his government for staying out warThe material is available only to POZIRK+
- SocietyWoman killed by hit-and-run Belarusian in PolandThe material is available only to POZIRK+
- PoliticsFour more people recognized as political prisonersThe material is available only to POZIRK+
- PoliticsUpper house passes bill to ban “extremists” from educationThe material is available only to POZIRK+
- SocietyBelarusian universities to offer 1,000 tuition-free places for Russians this yearThe material is available only to POZIRK+
- Society
- SocietyPoland seizes medical products from Belarus with Interpol involvementThe material is available only to POZIRK+
- EconomyKuźniacoŭ replaces Jafimaŭ as industry ministerThe material is available only to POZIRK+
- PoliticsRights defenders label seven as political prisonersThe material is available only to POZIRK+
- PoliticsLukašenka appoints ambassadors to Africa, Middle East, Latin AmericaThe material is available only to POZIRK+
- Economy
- PoliticsŁukašenka appoints more than a dozen local officialsThe material is available only to POZIRK+
- SocietyMPs vote to criminalize unauthorized possession of dronesThe material is available only to POZIRK+
- Politics
- PoliticsPaźniak: Washington can pull Belarus away from RussiaThe material is available only to POZIRK+
- Politics
- SecurityBelarus to open six new border outpostsThe material is available only to POZIRK+
- SecurityLithuania detects irregular migration at Belarus border after days of calmThe material is available only to POZIRK+