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...
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...
01 December 2016
On 26 November Belarusian Deputy Prime Minister Vladimir Semashko announced that the recession in the Belarusian manufacturing sector has ended.
However, Belarusian banks strongly disagree with this statement. They yearn for more financially stable corporate borrowers, especially in the industrial sector.
Meantime, oil refining – currently the mainstay of Belarusian...
12 August 2016
On 5 August 2016, Andrei Labovich, First Deputy Minister of Labour and Social Protection of Belarus, said that the new Law on Employment would tackle the problem of the ‘professional’ unemployed.
Simultaneously, in August 2016 the National Statistical Committee of the Republic of Belarus released data on employment figures in the sphere of industry for 2011-2016. According...
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...
29 July 2015
The first half of the year has shown clear evidence that the Belarusian economy needs better incentives to revive its industrial strengths.
In July the authorities announced their plans to provide financial assistance to several "giants" of industry. However, this decision has cast doubts over whether or not other taxpayers will ask the same from the state.
30 June 2015
A labour strike at a major state-owned plant in June suggests that the current economic crisis will present serious political challenges to Belarus. Despite it being an election year, wages and pensions are not growing – a rare occurrence. Yet, it stagnating incomes are not the country's primary problem.
Many state-owned enterprises do not have enough money to even pay...
30 December 2013
Over the recent months the rate of economic growth in Belarus has been gradually declining. For eleven months the GDP grew only by 0.9%. A decline in industrial production had a detrimental effect on economic growth. Despite the decrease in production volumes, the level of finished goods in warehouses of enterprises remained high. Increases in retail turnover stimulated GDP growth....
22 March 2013
While economic growth seems to be recuperating in January and February, it remains below the wishful forecasts of the government.
At the same time, the situation with current account balance continues to be the pressing matter, as the government is looking for the money both to repay the debts and to finance its modernization projects.
The economic policy is once again trying to...