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The economic background of Belarus

Find out about the Belarus economy and why the country is an attractive trading partner for foreign businesses

Recent economic history

The economy of Belarus has seen sustained growth in recent years.

These are just some of the results:

  • steady increase in GDP since 1992
  • considerable reduction in the trade deficit 
  • improvement in the standard of living for the population of Belarus

How has the global credit crisis affected Belarus?

Belarus today pursues a socially-oriented market economy model.

Whilst the state’s involvement in business and banks in Belarus and its control of fiscal and monetary policies have been criticised by some, Belarus’ independence from global markets has shown it has not been as badly affected by the global credit crisis as many countries.

Many of Belarus’ major trading partners have been affected by the crisis and this has had an impact on the country’s economic growth. However, global market analysts predict an early recovery and positive economic future for the Belarus.

In 2008 the World Bank announced a 400 million USD Country Assistance Strategy for Belarus, with a series of long-term loans to help the country achieve its environmental, economic and energy goals.

Belarus and the World Trade Organisation (WTO)

Belarus remains a candidate for accession to the WTO.

It is working hard to meet the requirements of membership and has been praised for its progress to date.

What makes Belarus trade friendly?

The Belarusian economy is just one reason why the counry is so attractive for international trade. Here are some other factors:

  • geographical location
  • favourable investment climate
  • highly skilled workforce
  • industrially developed economy
  • well-developed transport and communications infrastructure

Read more about the benefits of trading with Belarus

Great Patriotic War monuments in Belarus