Although Belarus experienced only a mild recession in 2020, the country is going through a period of political and economic turmoil. The disputed presidential election triggered mass protests and isolation from the international financial markets. Russia remains the only source of external funding; however, new lending may be conditional on tough political concessions. Given the growing financial constraints and the deep-seated structural problems, the economic outlook is rather bleak.

map Belarus
Main Economic Indicators201820192020202120222023
Population, 1000 persons948494439380...
GDP, real change in %3.11.4-
GDP per capita (EUR at PPP)127101335013720...
Gross industrial production, real change in %5.71.0-0.7...
Unemployment rate - LFS, in %, average4.
Average gross monthly wages, EUR405468449...
Consumer prices, % p.a.
Fiscal balance in % of GDP4.02.4-3.0...
Public debt in % of GDP43.742.048.3...
Current account in % of GDP0.0-1.9-0.4-0.4-0.9-1.1
FDI inflow, EUR m121211391220...
Gross external debt in % of GDP67.363.165.1...

Basic data are continuously updated.

* Forecasts are changed beginning of April, July and November.
See Press Conferences.


BELARUS: Trapped in a shaky economic situation

Rumen Dobrinsky
in: Darkest before the dawn?
wiiw Forecast Report No. Spring 2021, April 2021 , pp. 47-51
Details and Buy


Monthly Report No. 11/2020

Alexandra Bykova, Branimir Jovanovic, Artem Kochnev and Sergey Markedonov
wiiw Monthly Report No. 11, November 2020
54 pages including 2 Tables and 30 Figures