Belarus PM: The world has entered a period of economic turbulence

“The situation in the global economy has changed. A new and, apparently, long-term period of economic turbulence has begun. The increase in prices for energy, raw materials and goods is accompanied by a worldwide upsurge in inflation, which is breaking the long-standing records around the world. Virtually all global centers tend to believe that the world is entering an era of a new economic recession. Numerous problems are becoming evident, including the threat of famine in some regions of the world, which may be fraught with the next wave of social and political cataclysms. A serious challenge for Belarus and Russia is the declared economic war, which is aimed at the isolation of our countries and the split of our union. However, thanks to the existence of the EAEU, we are not alone with the difficulties,” said Roman Golovchenko.

A high-level working group was promptly set up to improve the sustainability of the economies of EAEU member states. Measures are being implemented to ensure macroeconomic stability, including reduced rates of import customs duties, tariff benefits for goods of critical imports, optimized customs administration procedures, and simplified requirements in technical regulation for a number of goods. “This brings positive results. According to Belarus' mutual trade with the EAEU countries in January-April 2022, we have seen a 10% increase in goods turnover, taking into account the high figures we had last year. I believe other EAEU member states have the same momentum,” the prime minister said.