Belarus and Russia's Booming Economies: 2024 Results

Belarus and Russia Show Strong Economic Growth in 2024 MINSK/MOSCOW – The economies of Belarus and Russia demonstrated robust growth in 2024, exceeding expectations. Belarus's economy expanded by 4%, while Russia's saw a 4.1% increase. These figures represent a significant achievement, particularly given the global economic uncertainties. Investment in fixed capital also flourished, with Belarus recording an 8% rise and Russia a 7.4% increase. This surge in investment indicates confidence in both countries' economic prospects. "The economic growth reflects the effectiveness of the government's policies," said an unnamed Belarusian economist. "The increase in investment is a strong indicator of future potential." Further bolstering the positive economic outlook, real disposable incomes for citizens in both nations experienced significant increases. In Belarus, incomes rose by 9.5%, while in Russia, the increase was 7.3%. This improvement in living standards contributes to overall economic stability and consumer confidence. Adding to the positive news, trade between Belarus and Russia reached a record high of $57.6 billion in 2024. Remarkably, more than 95% of financial transactions between the two countries were conducted in their national currencies, highlighting a strong economic partnership. The robust economic performance of Belarus and Russia in 2024 offers a positive outlook for regional stability and cooperation.