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Belarus Finally Reforms Its Economy?
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On 26 September in New York, Alexander Lukashenka met with IMF chief Christine Lagarde. They discussed prospects for an IMF-supported programme. According to the IMF statement “Lagarde welcomed some recent progress in strengthening the policy framework in Belarus, but emphasised...
15 September 2015
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Looking Back at Lukashenka’s Fourth Term

On 11 September candidates for Belarusian president officially started their campaigns. From the previous presidential campaign slogan “For independent, strong and prosperous Belarus”, Lukashenka left only “independent”. In order to buy voters in 2010, Lukashenka embarked on excessive wage growth...

8 September 2015
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The Economy Gets Used to Sustained Recession – Belarus Economy Digest

The Belarusian economy keeps on contracting: in January-July it decreased by 4 per cent. However, a number of positive trends have arisen: wages and employment are stabilising, along with improvements in current account balances. The latter might signal an imminent...

14 August 2015
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The Myth of Thriving Belarusian Agriculture

Agriculture was the fastest growing branch of the Belarusian economy in the first half of 2015. Many in Russia and other post-Soviet countries consider Belarus to be a model when it comes to maintaining a viable agricultural sector. But in...

5 August 2015
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Why Are Belarusian Economic Forecasts Constantly Inaccurate?

According to the official five-year Socio-Economic Development Programme For 2011-2015 the GDP was supposed to increase by 62-68 per cent by the end of 2015. In reality, the growth is likely to hit around 6...

27 July 2015
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Will Belarus Ever Become a WTO Member?

Two weeks ago, Belarusian Deputy Foreign Minister Aliaksandr Hurjanau declared Belarus was planning to finish all of the necessary technical work for the country’s accession to the World Trade Organisation (WTO) in one year's time. However, exactly three years...

29 April 2015
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Belarusian Economy Creeping into Recession

The first quarter of 2015 displayed a number of distressing trends in Belarusian economy. The adjustment of the exchange rate has not secured the restoration of competitiveness. Furthermore, the government has to resort to conservative policies for mitigating structural weaknesses. The economy...

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...

2 July 2014
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Output Grows, but Inflation Hurting Macroeconomic Stability – Digest of Belarusian Economy

The economy of Belarus is showing signs of rising levels of output with most industries increasing their overall output figures throughout May. At the same time foreign and domestic investment demand are exhibiting signs of recovery. However, this recovery...

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...

27 March 2014
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What Policy Can The Belarusian Economy Sustain?

The official forecasts for socio-economic development in 2014 is as conservative as it has ever been: the projected GDP growth is only 3.3%. International organisations and independent forecasters are even less optimistic.  The economic authorities' plans for...

19 September 2013
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IMF Loans: The Money We Do Not Need?

A controversial event took place next to the International Monetary Fund (IMF) office in the middle of the summer in Washington, DC.Dozens of Belarusians stretched eye-catching posters encouraging the IMF to assist Belarus....

30 August 2013
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External and Domestic Shocks – Digest of Belarusian Economy

In July, GDP growth somehow gained momentum, but was still very modest and difficult to place confidence in. Shrinking external demand is one of the core problems for the national economy, although the authorities attempt to compensate these losses...

8 April 2013
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Belarusian Economy in March: Warming Up

Amidst the snowy spring of 2013, the National Bank of Belarus finally gave up on its attempts to maintain macroeconomic stability and turned its attention to the real sector.   The National Bank began carrying out a policy of providing...