wiiw Forecast Reports

BELARUS: External shocks impose a painful macroeconomic adjustment


Rumen Dobrinsky

in: A Time of Moderate Expectations
wiiw Forecast Report No. Spring 2015, March 2015 , pp. 109-112

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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.


Reference to wiiw databases: wiiw Annual Database, wiiw Monthly Database

Countries covered: Belarus