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  • The Developments in the Economy of Belarus in 2016

    28.12.2016 | E-Bulletin | Economy | 260 Ayca Simsek

    Belarus has a strategic location between Russia and the European Union (EU) and a well-developed transport system with a sufficient investment climate and highly skilled workforce. However, being highly dependent on Russia in energy, economy and finance and high state control on economic activities prevent to stabilize the economy. After a low growth path for years and increased macroeconomic volatility, the economy of Belarus entered a recession in 2015 and the economy contracted by 3.9%. GDP is expected to decline by 2.2% in 2016, but is expected to increase by only 1.5% and 1.3% in 2017 and 2018 respectively. Besides, low foreign demand for Belarusian goods caused a significant drop in Belarusian exports. In 2015, the value of exports amounted to $26.6 billion, which is $9.3 billion (26%) less than the previous year. This was accompanied by a decrease in imports of $10.1 billion (25%). The largest drop in exports (30%) was to the Common Independent States (CIS countries) and Russia. Here, the main reason is the Russian crisis. Besides, the goods trade of Belarus with the EU fell by 19%, slightly more than $2 billion in 2015. 

    Tags: Belarus, Economy, Economic Development


  • Visiting Research Fellow

    Ayca Simsek

    Hayal Ayca Simsek was born in Izmir Turkey in 13 January 1973. She completed her primary education in Karsiyaka Cumhuriyet Primary School and her secondary and higher educations in Izmir Turkish College.