PDP/11/01 Challenges for the Economic Policy in Belarus
The paper describes the opportunities of the economic policy of Belarus under the impact of external shocks and the formation of new risks to the national economy. On the one hand, the crisis has revealed significant structural imbalances in the country’s economy: a permanent current account deficit of the balance of payments, the dependence of macroeconomic dynamics on a number of key industries, a high level of financial and real dollarization, a low level of capitalization and insufficient development of the financial system. On the other hand, in the first periods of the crisis, the Belarusian economy was able to demonstrate some of the most attractive macroeconomic outcomes in the region through the active use of both indirect and policy incentives.