OREANDA-NEWS  On 17 December was announced, that Belarus forecasts a slower economic expansion rate in the first quarter of 2009, Economy Minister Nikolai Zaichenko told an enlarged meeting of the Council of Ministers.

He believes Belarus’ GDP may grow only 5%.

“We have prepared a quarterly breakdown for all major indicators, and the first half of 2009 will see slower increases, which will be made up for in July-December if we see macroeconomic and external improvements. If recession subsides in the second half of 2009, global economic growth will continue, especially in Russia,” the minister said.

Second quarter GDP is expected to grow 7%. Industrial output will grow 5% in the first quarter and 7% in April-June, according to the Economy Ministry. Investment in fixed assets will increase 4% and 10%, respectively.

Zaichenko said there was still a chance to meet the annual growth targets set by the president, provided the current economic trends rebound.

“When coordinating the breakdown for quarters, all ministries called for setting lower targets for the first and second quarter,” Zaichenko said.

GDP may grow only 3% in January-March 2009 if ministries’ forecasts come true.

“If we agree to their targets, it will be impossible to compensate in the second half of the year, and the socioeconomic expansion plan will be unfeasible,” Zaichenko said.