The approved GDP growth forecast in 2014 amounts to 3.3%
On December 31, the presidential decree No. 585 ‘On the key parameters of the forecast of the socio-economic development of the Republic of Belarus in 2014’ was signed.
For the first time in the course of the last few years relatively low forecast indicators of the GDP growth were adopted, and the final version of the governmental forecast as regards GDP was not elevated. This fact testifies that there is an understanding of the fallacy of artificial stimulation of economy in order to meet forecast figures, which, against the backdrop of the existing situation in economy, may lead to the rapid development of critical phenomena, similarly to what happened in 2011. The forecast is optimistic, a number of parameters are practically unfeasible and built upon inflated expectations of prospects in export. Business executives may enjoy more autonomy in terms of economic activity free of sanctions for non-compliance with quantitative indicators.
The Labour and the Tax Ministries are considering the possibility to include persons engaged in some economic activity without forming a legal entity in the social security system. When the decree No 337 comes into effect, the number of private entrepreneurs is likely to reduce due to the possibility of reducing the tax burden when switching to a tax payment as an individual. 95% of self-employed, including PE, pay insurance premiums on the basis of the minimum wage. The number of self-employed citizens is expected to increase, the number of insurance contributions to the pension system from PE will decrease, the number of citizens who will pay a fee to finance government spending will decrease by several tens. Self-employed citizens have the alternative not to pay social security fees and save resources for future pensions, which, given the gradual restriction by the state of pension requirements could be a more long-sighted option.