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Belarus’s economy has been impacted by the global COVID-19 shock and lower energy prices, as well as the domestic political crisis following the August presidential elections. The recession is expected to deepen in 2021.
The economy continued to decline due to weakness in exports and final consumption. The contraction has put pressures on external and fiscal accounts as large public debt repayments come due in 2017. Economic recovery is expected to remain modest and gradual as negative feedback loops would continue to subdue domestic demand, while weak labor market could further deteriorate household incomes. Necessary adjustment measures and accelerated reforms are necessary to improve market expectations and mobilize investment for sustainable recovery. Read more...