wiiw Forecast Reports
BELARUS: External shocks impose a painful macroeconomic adjustment
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The Belarusian economy has been hit hard by the indirect impact of the recent plunge in oil prices. Thanks to a modest upturn in the second and third quarters, GDP growth for 2014 as a whole remained positive. Faced with severe balance of payments constraints, the authorities have had to accept a sharp exchange rate depreciation. The repercussions of the ongoing adjustments will probably result in an unwelcome economic contraction in 2015. Some measure of growth might return in 2016 and 2017.
Countries covered: Belarus