Belarusian Prime Minister Roman Golovchenko stated the country's economy is presumed to shrink by 4 percent in 2022, according to Interfax.

Belarus has suffered from western sanctions due to its support to Russia during the war in Ukraine, mainly from the United States and the European Union.

"You know the forecasts we were given - from a total collapse (of the economy) to a drop of 20%," Golovchenko said on national television.

Read more: New Zealand adopts new anti-Russian, Belarus sanctions

"I think that those who conceived this operation relied on these calculations," he added, noting that the inflation rate during 2022 would be 12 percent.

Golovchenko also said the overall inflation rate in 2022 would be 12%, Interfax reported.

Compared to November 2021, the inflation rate was down from 15.2 percent to 13.3 percent up to December 1 of 2022.

Read more: Iran calls for bolstering ties with Belarus to mitigate sanctions

Earlier today, Russian Deputy Foreign Minister, Mikhail Galuzin, pointed out that Russian S-400 air defense systems and Iskander missile systems supplied to Belarus will increase the effectiveness of joint air defense.

Russian President Vladimir Putin arrived earlier on Monday in Minsk to hold talks with his Belarusian counterpart, Alexander Lukashenko, and to discuss security issues in the region and joint measures to tackle challenges.

Putin’s visit caused speculation in Western media outlets with respect to the issues discussed in Belarus and whether the latter is getting ready to join Russia’s special military operation in Ukraine.

Putin said at a meeting with Belarusian President Alexander Lukashenko on Monday that Moscow and Minsk are not only good neighbors but also have developed ally relations, including economic cooperation.

Read more: Lukashenko: Belarus cannot do without Russia

The talks will reportedly start in a wide format, with the participation of members of the governments of the two countries, heads of ministries, and departments.

On October 10, Putin and Lukashenko agreed on the deployment of a joint regional group of forces in light of developments in Ukraine.

It is worth noting that Russia and Belarus are members of the Union State, a supranational organization formed in the 1990s with the objective of integrating both nations' political, economic, and defense policies.