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Waiting for a Miracle: Digest of Belarus Economy
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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,...
29 February 2016
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The Moment of Truth: Digest of Belarus Economy

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...

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,...

27 May 2015
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Fears of Economic Turmoil, Banking Sector Problems – Belarus Economy Digest

According to the press release published by International Monetary Fund on 19 May the possible losses for the Belarusian economy in 2015 will amount 2.3 per cent of the GDP and $2bn of its foreign exchange reserves. The consequences of...

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...

24 March 2015
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Belarus Chose Internal Devaluation as New Anti-Crisis Policy – Digest of Belarusian Economy

In an attempt to fixate and extend the effects of currency devaluation, the Belarusian government and the National Bank have chosen internal devaluation as its leading policy. Internal devaluation means lower incomes and a more prudent fiscal and monetary...

30 January 2015
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The Government is Preparing for a Recession – Belarus Economy Digest

For 2015, any positive growth would be considered a great success for the Belarusian authorities. Apart from external shocks, several structural challenges have emerged. A spike in inflation, deeper depreciation of the national currency, the distress of the banking industry,...

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...

25 September 2014
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Outlook for Inflation Improves, Reserves and Income Grow – Belarus Economy Digest

Price increases for regulated goods and services, as well as the abolition of price regulations on meat had a stimulating effect on inflation in Belarus. In the first half of 2014 a gradual reduction of Belarus' foreign currency reserves occurred...

26 August 2014
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Sanctions as New Opportunity, Less State Support for the Economy – Belarus Economy Digest

The National Bank continues to gradually reduce its refinancing rate. The latest reduction, which occurred in August 2014, may help make receiving financing for legal entities easier. And yet, despite their best intentions, these steps contribute to the accumulation of...

24 July 2014
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Foreign Exchange Reserves Increase, New Regulation of Microloans – Belarus Economy Digest

For the first time over the last six months, in June Belarus saw an increase in its foreign exchange reserves. This growth was due to the issuance of a bridge loan by Russian VTB Bank. At the same time, the overall...

29 April 2014
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National Bank Reduces Refinancing Rate – Belarus Economy Digest

This April the National Bank decided to its reduce refinancing rate, which has remained unchanged for the past 10-months. This measure is, to some degree, a helping hand for the real sector that is facing significant difficulties at present. However, despite...

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...