OREANDA-NEWS. November 13, 2012. The pressure to achieve GDP growth at 5% in 2012 and 8.5% in 2013 may affect the exchange rate of the Belarusian ruble and cause inflation growth in Belarus, IMF mission leader David Hofman told a press-conference.

By achieving GDP growth targets set at 5% in 2012 and 8.5% in 2013, Belarus will inevitably face the risk of upsetting macroeconomic stability, Hofman said. The amount of economic stimulation needed to achieve economic growth to such an extent is inconsistent with the inflation target, the IMF representative said.

In that context, the IMF recommends that Belarus should focus on achieving macroeconomic stability and keeping inflation in check, rather than set high GDP growth targets.

As previously reported with reference to Premier Mikhail Myasnikovich, to fulfil the GDP growth target in 2013, Belarus will rely on construction, affordable credit resources. Intensified housing construction fuelled with affordable loans will be the engine of Belarus’ GDP growth in 2013, which is expected to expand from 5-5.5% in 2012 to 8.5% in 2013, the premier said.