Belarus

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Belarus - In Short.

Overview of Belarus

After seven decades as a constituent republic of the USSR, Belarus attained its independence in 1991. It has retained closer political and economic ties to Russia than have any of the other former Soviet republics. Belarus and Russia signed a treaty on a two-state union on 8 December 1999 envisioning greater political and economic integration. Although Belarus agreed to a framework to carry out the accord, serious implementation has yet to take place and current negotiations on further integration have been contentious. Since his election in July 1994 as the country’s first and only directly elected president, Alyaksandr LUKASHENKA has steadily consolidated his power through authoritarian means and a centralized economic system. Government restrictions on political and civil freedoms, freedom of speech and the press, peaceful assembly, and religion have remained in place. Restrictions on political freedoms have grown increasingly strained following the disputed presidential election in August 2020. The election results sparked largescale protests as members of the opposition and civil society criticized the election’s validity. Alyaksandr LUKASHENKA has remained in power as the disputed winner of the presidential election after quelling protests in late 2020.        
Value
Country Full Name
Belarus
Country Code
BLR
Region
Europe & Central Asia
Income Group
Upper middle income
Currency Unit
GDP
60258239056
Population
9379952
Land Area
202980
Net National Income Per Capita
5133.342402
GDP per Capita (PPP)
20239.20182

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Belarus - Economic

Economy of Belarus

As part of the former Soviet Union, Belarus had a relatively well-developed industrial base, but it is now outdated, inefficient, and dependent on subsidized Russian energy and preferential access to Russian markets. The country’s agricultural base is largely dependent on government subsidies. Following the collapse of the Soviet Union, an initial burst of economic reforms included privatization of state enterprises, creation of private property rights, and the acceptance of private entrepreneurship, but by 1994 the reform effort dissipated. About 80% of industry remains in state hands, and foreign investment has virtually disappeared. Several businesses have been renationalized. State-owned entities account for 70-75% of GDP, and state banks make up 75% of the banking sector.Economic output declined for several years following the break-up of the Soviet Union, but revived in the mid-2000s. Belarus has only small reserves of crude oil and imports crude oil and natural gas from Russia at subsidized, below market, prices. Belarus derives export revenue by refining Russian crude and selling it at market prices. Russia and Belarus have had serious disagreements over prices and quantities for Russian energy. Beginning in early 2016, Russia claimed Belarus began accumulating debt – reaching $740 million by April 2017 – for paying below the agreed price for Russian natural gas and Russia cut back its export of crude oil as a result of the debt. In April 2017, Belarus agreed to pay its gas debt and Russia restored the flow of crude.New non-Russian foreign investment has been limited in recent years, largely because of an unfavorable financial climate. In 2011, a financial crisis lead to a nearly three-fold devaluation of the Belarusian ruble. The Belarusian economy has continued to struggle under the weight of high external debt servicing payments and a trade deficit. In mid-December 2014, the devaluation of the Russian ruble triggered a near 40% devaluation of the Belarusian ruble.Belarus’s economy stagnated between 2012 and 2016, widening productivity and income gaps between Belarus and neighboring countries. Budget revenues dropped because of falling global prices on key Belarusian export commodities. Since 2015, the Belarusian government has tightened its macro-economic policies, allowed more flexibility to its exchange rate, taken some steps towards price liberalization, and reduced subsidized government lending to state-owned enterprises. Belarus returned to modest growth in 2017, largely driven by improvement of external conditions and Belarus issued sovereign debt for the first time since 2011, which provided the country with badly-needed liquidity, and issued $600 million worth of Eurobonds in February 2018, predominantly to US and British investors.

Unemployment Rate

Inflation Rate

Belarus - GDP Composition

GDP Composiiton & Value Added of Belarus

Last Updated: Jan, 2021, Updated For 2020.

Belarus - GDP, Value Added

Demographics of Belarus

a fairly even distribution throughout most of the country, with urban areas attracting larger and denser populations
Geographic Location

Eastern Europe, east of Poland

Races

Belarusian 83.7%, Russian 8.3%, Polish 3.1%, Ukrainian 1.7%, other 2.4%, unspecified 0.9% (2009 est.)

Languages

Russian (official) 70.2%, Belarusian (official) 23.4%, other 3.1% (includes small Polish- and Ukrainian-speaking minorities), unspecified 3.3% (2009 est.)major-language

Religion

Orthodox 48.3%, Catholic 7.1%, other 3.5%, non-believers 41.1% (2011 est.)

Dependency & Expectancy of Belarus

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Belarus - Social Media & Social Commerce

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Politics & Policies of Belarus

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

BSEC (observer), CBSS (observer), CEI, CIS, CSTO, EAEC, EAEU, EAPC, EBRD, FAO, GCTU, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFC, IFRCS, ILO, IMF, IMSO, Interpol, IOC, IOM, IPU, ISO, ITU, ITUC (NGOs), MIGA, NAM, NSG, OPCW, OSCE, PCA, PFP, SCO (dialogue member), UN, UNCTAD, UNESCO, UNIDO, UNIFIL, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO (observer), ZC

Import of Belarus

Export of Belarus

Import Destination

Export Destination