Belarus and Russia's Economic Growth Surges in 2024: Record Trade and Income Rise

Belarus and Russia's Economic Growth in 2024: A Summary of Key Indicators The economies of Belarus and Russia experienced robust growth in 2024, exceeding expectations. Belarus saw a 4% increase in GDP, while Russia's economy expanded by 4.1%. This growth was accompanied by a significant rise in investment in fixed capital, reaching 8% in Belarus and 7.4% in Russia. These figures indicate a positive economic outlook for both countries. Furthermore, real disposable incomes for the population increased by 9.5% in Belarus and 7.3% in Russia. This suggests improved living standards and increased consumer spending. The trade turnover between Belarus and Russia reached a record high of $57.6 billion in 2024. This significant increase reflects the strengthening economic ties between the two nations. Moreover, financial settlements between Belarus and Russia are now conducted predominantly in national currencies, with over 95% of transactions utilizing the Belarusian ruble and the Russian ruble. This move towards national currencies reduces reliance on foreign exchange and strengthens economic sovereignty. "The economic performance of Belarus and Russia in 2024 is quite remarkable," says an economic analyst. "The growth figures, coupled with the increase in disposable income and trade turnover, paint a positive picture for the future." The strong economic performance of Belarus and Russia in 2024 demonstrates the resilience of their economies and the effectiveness of their economic policies. The increased use of national currencies in financial transactions further reinforces the economic independence and stability of both countries.