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...
08 February 2017
Although the Belarus is struggling to deal with a dramatic economic decline, the authorities are considering hosting a large international sporting event in 2019. On 9 January, Belarus established a committee to organise the 2019 European Games.
The games, managed by the European Olympic Committee, resemble the Pan-American and Asian games. Last October, Lukashenka stated that...
03 February 2017
On 3 January 2017, The Eurasian Development Bank announced that Belarus is the only economy among CIS countries with a forecasted GDP decline in 2017.
Meantime, the biggest problem of 2016 remains unresolved – on 28 January 2017, the Deputy Prime Minister of Russia Arkady Dvorkovich once again raised the bill for Belarus's supposed oil-gas debt.
In this light, the...
18 January 2017
On 22 December 2016, three Belarusian street artists sued an investigative committee for unfounded accusations of hooliganism. On 13 January, the court rejected the claim, pointing to the absence of any violations of the artists' rights.
Street art has became a new form of political expression. The disproportionate reaction of authorities to street art is reflected in administrative...
06 January 2017
In October-December 2016, almost 2,000 tourists took advantage of new visa-free regulations to visit Hrodna Region. In response to the increasing amount of foreign tourists, Hrodna Region has started working on two important initiatives: visa-free railway voyages and launching low-cost flights to Hrodna airport.
However, making railway services and the Hrodna airport accessible visa-...
03 January 2017
As of 26 December 2016, the oil and gas dispute between Belarus and Russia remains unresolved.
Moreover, Russia persistently rejects any tradeoffs: this deprives Belarus of a substantial part its foreign exchange earnings from petroleum product sales, thus aggravating the economic recession in Belarus.
In turn, the growth of state debt points to the formation of stable insolvency...
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...
28 October 2016
On 12 October 2016 Belarus announced its intention to adopt a national action plan for a green economy. This September the country also ratified the Paris Climate Change Agreement. What's more, the European Union has invested over €10m in a project aiming to fascilitate Belarus’ transition to a green economy.
What a "green economy" entails could be anything...