The Belarusian government has released the state budget for 2020. The budget will be running a deficit, as the planned expenses are 40,9 billion USD while income is 39,5 billion. This means the state expenses are growing almost 10 % from last year while income is remaining almost the same. Belarus took a half a billion dollar hit to its income when Russia changed the taxation scheme of oil exports to Belarus this year.
Inflation is estimated to be 5 %, the oil barrel price prediction at 60 USD - and the BYN/USD rate at 2,2447. The currency rate is of interest to many businesses, and this prediction means the local currency is slightly losing its value next year.
As the state is controlling a major part of the economy directly in Belarus, generally these predictions end up being quite accurate. Historically this is especially the case in the run-up to presidential elections in the country, which are also coming up in 2020. Also based on historical data, after the elections the economic markers usually display increased instability.
We will send you articles keeping you up to date with the latest trends and developments in accounting, taxation or legal fields.