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One Step Forward, Two Steps Back: Digest of Belarus Economy
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The drop in oil prices in the first two weeks of January and the resulting volatility of the Belarusian rouble have taken centre stage. The Belarusian government took some small steps towards reforms, but took no serious measures to reform...
8 January 2016
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2016 Will Be Tough, Reforms or No Reforms – Digest of Belarusian Economy

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...

30 September 2015
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Belarusian Economy A Month Before the Elections – Digest of the Belarusian Economy

In the last month before the Presidential elections, the Belarusian economy continues to disappoint. Although decline in GDP has slowed, the -3.5 per cent growth has failed to impress. The Belarusian rouble continues to depreciate as oil prices plunge. The...

30 June 2015
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Collapsing Economy Weighs on the Authorities – Digest of Belarusian Economy

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,...

3 December 2014
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Belarusian Economy Sinks to Uncertainty – Belarus Economy Digest

Belarus displayed modest but stable growth during past couple of months. However, future prospects for growth remain uncertain, given the deteriorating economic situation in Russia along with the desire of the authorities to carry out several growth stimulating policies. Moreover, there...

23 May 2014
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A New Loan from Russia – A Temporary Lifejacket

The growth rate of inflation in the 1st quarter of 2014 amounted to 6.6% and made plans for reaching the official targets for annual inflation highly unlikely. Despite this, a gradual reduction in refinancing rates with a second round of cuts has been preserved. It was...

1 April 2014
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External Environment Poses New Risks for the Belarusian Economy

Economic performance during first two months of 2014 has been rather disappointing. First, almost all industries reduced their output which led to a decline in GDP by 1.6% year-on-year in January-February.  Second, Belarus has faced new challenges on foreign markets, which are a consequence of capital...

24 January 2014
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What to Expect in 2014? – Digest of Belarus Economy

The year 2013 will probably go into the economic history of Belarus as a year when even the government officials acknowledged that the economy was stagnating, and there were no prospects for any quick economic growth in the years to come. The...

24 October 2013
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The Plan to Save the Economy: October Digest of Belarusian Economy

On the 10 October 2013 the government and the National Bank of Belarus issued a plan for structural reforms of the Belarusian economy aimed to increase its competitiveness.​  Faced with major threats to its macroeconomic stability and the unfortunate timing of the...

27 December 2012
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Belarus Economy in 2012: Low Growth and Fragile Stability

The currency crisis of 2011 has revealed the limits of the Belarusian economic model. On the one hand, it became obvious even to the most conservative government officials that changes in economic policy are required. On the other hand, the...