03 July 2017
On 1 June 2017, Belarusian President Alexander Lukashenka announced that the oil refining industry was experiencing substantial problems.
Meanwhile, the economy is still showing signs of recovery, growing three months in a row. This will encourage the government to make even better economic projections for next year.
However, according to Belstat, Belarus's official...
05 June 2017
On 17 May 2017, Belstat, Belarus's official statistical body, announced that Belarus's economy is growing for the second straight month.
Thus, on 24 May, Deputy Prime Minister Vladimir Semashka declared new investment plans for the industrial sector assuming further economic recovery.
Nevertheless, the economic environment remains complex and the debt burden of...
05 May 2017
On 4 May 2017 Belarusian president Alexander Lukashenka declared that Belarus plans to gain approximately $50bn in exports off goods produced in the Great Stone industrial park.
Meanwhile, on 3 April 2017, Moscow and Minsk resolved all their disputes in the oil and gas sector.
On 18 April 2017, Belarusian prime minister Andrey Kobyakov announced that the Belarusian economy has...
04 April 2017
On 3 April 2017, Economy Minister Vladimir Zinovsky announced a negative forecast for first quarter GDP growth in Belarus. This comes despite an increase in industrial output and exports at the end of March.
In this context, on 6 March a new IMF mission arrived in Belarus in an attempt to encourage the authorities to implement further economic reforms.
28 February 2017
On 20 February 2017, Belstat, Belarus's official statistical agency, announced that the GDP has once again dropped by 0.5 per cent in January compared with the same month in 2016.
However, on 21 February 2017, Prime Minister of Belarus Alexey Kobyakov tried to mitigate the country's economic problems by claiming that Russia's oil cuts are the main cause of current economic...
17 October 2016
Stereotypes involve an element of reflection from members of society about themselves and adjacent groups.
Often, stereotypes stem from a historical legacy, perceived cultural, religious or ethnic differences, or a lack of ability to perceive “the Other” in a new light . Stereotypical views about specific countries are no exception to this rule.
Recently, during a...
30 May 2016
On 6 May 2016 the Chairman of the Board of the National Bank of Belarus (NBB) Pavel Kallaur disclosed the long-suspected information about problems in the banking system.
Two weeks later, the Prime Minister Andrei Kobyakov has called for market-based instruments in order to cure sinking state-owned enterprises (SOEs).
And оn 22 May 2016 the Minister of Finance Vladimir Amarin has...
03 May 2016
On 29 March 2016 Prime Minister Andrei Kobyakov proclaimed the government's intention to speed up the long-awaited process of joining the WTO.
Moreover, after renegotiating different scenarios for pension reform in Belarus, the authorities have agreed to an increase in the retirement age for men and women.
Meanwhile, оn 21 April 2016 President Alexander Lukashenka announced...
31 March 2016
On 28 March 2016 the Council of the Eurasian Fund for Stabilisation and Development (EFSD) approved the provision of a new loan to Belarus.
In the meantime, the export and real estate market established new numbers of their record fall, questioning the limits of slowdown in Belarus.
In such a situation the government tries to secure state financial support – President...
29 February 2016
On 16 February 2016, President Alexander Lukashenka announced zero tolerance for structural reforms being proposed by the government.
Meanwhile, since the beginning of 2015 state debt has increased by more than half and real wages in dollar equivalent have fallen to a ten year low.
Belarus's government is still trying to find a simple way out of the crisis by releasing new...
08 January 2016
After several years of slow growth, 2015 became the first year of true recession. GDP fell by 3.9 per cent in January-November; employment declined over the year. The Belarusian rouble depreciated by almost 60 per cent.
Despite significant changes in the economic policy, 2016 will not be different. The official outlook (based on the oil price of $50) predicts zero growth, while the...
27 November 2015
On 20 November 2015 Belstat, the official statistical body, released the updated macro-economic statistics. Disappointing figures on exports and manufacturing suggest that the economic downturn in Belarus continues.
However, on 11 November 2015 the National Bank of Belarus announced reforms on the deposit market. The bank tries to replenish the deposit’s term structure hoping that...