Economy

Belarusian President Alexander Lukashenka highlighted the need to modernise the Belarusian economy in his annual speech for the national Parliament on 8 May. These words coincide with a goal of the new EU project "Dialogue on Modernization for Belarus". But the two sides see the process of modernization quite differently. Minsk wants to avoid any political reforms while the EU is...

On Monday, Switzerland joined the EU sanctions against Belarusian citizens and firms believed to support dictatorship. Most of these firms belong to Vladimir Peftiev. Belarusian and international media often portray him as having a significant role in the regime. That prompted the EU to punish him and some other businessmen for their support of Lukashenka. However, the significance...

International agency Standard&Poors in April increased Belarus' credit rating from B- (negative) to B (stable). The agency i observed the signs of financial stabilisation in Belarus economy. Although inflation is still very high, it began to slow down, the pressure on devaluation of Belarus ruble decreased and foreign reserves increased.

Just in September 2011 Standard&Poors...

The Ambassadors of Poland, Lithuania and Sweden have returned to Minsk and their colleagues are on the way to the Belarusian capital. It seems that EU-Belarus relations have broken the deadlock, but they remain difficult and the EU has few carrots to offer its restive authoritarian neighbour. Unlike countries like Moldova and Armenia, Belarus is increasingly integrating into the Eurasian...

The Belarusian Statistics Agency reported about a fantastic growth of exports in January-February 2012. Compared to the same period last year, the country’s exports grew by impressive 62,5%.

The official propaganda trumpeted that Belarus has successfully overcome all the economic troubles that hit the country in 2011.

However, the reality looks less euphoric. The...

Last Monday, flights between Minsk and Moscow suddenly stopped. Russia has recalled the licence for flights to Russia from Belavia, the Belarusian national airline. The Belarusian side responded by cancelling the licences of the Russian companies. A new trade war between Belarus and Russia is brewing. 

Prime Minister Mikhail Myasnikovich is a veteran of Belarusian politics. He served as Deputy Prime Minister of Soviet Byelorussia and then independent Belarus and was the key aide of Prime Minister Kebich, the main rival of Alexandr Lukashenka in 1994 presidential elections. In 1990s Lukashenka even promised to imprison him for corruption. But after being...

Belarusian government recently reaffirmed its desire to become a top-30 nation in the World Bank’s Doing Business Report. To assess how well local authorities across the country pursue this goal a number of Belarusian organisations organised a special competition – “The Best Town/District and Oblast for Doing Business in Belarus”. 

The latest...

The incumbent Belarusian government has a long record of deceptive behaviour in its foreign relations. Both its major trading partners – Russia and the European Union – have more than once seen official Minsk let them down on its commitments and promises. These promises included political liberalisation, introduction of single currency with Russia, recognition of Abkhasia and South...

On 21 February 2012 Belarusian finance minister Andrei Kharkovec announced Belarus' plan to restore its positions in international ratings which suffered following the recent economic crisis. The state news agency Belta also announced that the main Chinese rating agency Dagong will give Belarus a sovereign credit rating in the near future. Authorities hope to use it in order to...

On 20 January 2012, the authorities approved a new strategy to attract foreign direct investments. This document can be regarded as a new invitation for foreign business with advanced technologies to take part in privatization in Belarus. The authorities hope that Western businesses will come despite the country's poor human rights record and their failure to release all political...

The Belarusian government prides itself on having one of the lowest unemployment rates in the world. But the official statistics do not reflect the realities on the ground. The actual number of unemployed people is much higher than the official 0.6 per cent, and social support for the unemployed is almost nonexistent. Moreover, thousands of people have to work either in the ‘shadow...