Publication:
Belarus Country Economic Memorandum : Eeconomic Transformation for Growth

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-03-12T18:19:44Z
dc.date.available2013-03-12T18:19:44Z
dc.date.issued2012-04-05
dc.description.abstractThe last decade in Belarus was marked by an average economic growth rate of close to 8 percent annually and an impressive eight-fold reduction in poverty. Economic growth was initially driven by external factors, but after 2005 expansionary domestic demand became the prevalent contributor to growth. Growth was backed by large state support to the economy, sizeable public investments, and huge expansion of credit, particularly under government directed lending programs. Simultaneously, the external balance shifted from a surplus of 1.4 percent of growth development product (GDP) in 2005 to a deficit of 15.0 percent of GDP in 2010. Throughout the period 2001-10, the economic model relied on underpriced energy resources from Russia, with an annual average size of the imputed subsidy of over 13 percent of GDP. However, the existing growth model has reached its limits and cannot ensure growth sustainability without structural reforms. Going forward, the growth model will have to rely on significant productivity gains driven by structural reforms in an environment of macroeconomic stability. Macroeconomic adjustment which effectively combats the sources of external imbalances in Belarus is a critical and necessary, but insufficient condition for achieving sustainable economic growth in the medium term. The Belarusian economy is facing formidable challenges beyond the macroeconomic issue of adequately financing its external imbalances: (1) how to reallocate labor and capital to high productivity segments of the economy; (2) how to restructure the state-owned enterprise sector; and (3) how to support the underdeveloped private sector and the services sector. By successfully overcoming these challenges, Belarus will revive its competitive segments of the economy and discover untapped opportunities for growth. It will also diminish its economic dependence on underpriced energy from Russia and move up the value chain in global integration. With valuable geographical location and an educated and disciplined labor force, Belarus can restructure its economy, diversify its exports, and increase the prosperity of its people.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/04/16473078/belarus-country-economic-memorandum-economic-transformation-growth
dc.identifier.doi10.1596/12663
dc.identifier.urihttps://hdl.handle.net/10986/12663
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectACCUMULATED DEPRECIATION
dc.subjectADMINISTRATIVE CONTROLS
dc.subjectAGRICULTURE
dc.subjectALLOCATION OF CAPITAL
dc.subjectALLOCATION OF CREDIT
dc.subjectASSET QUALITY
dc.subjectASSETS
dc.subjectAUTONOMY
dc.subjectAVERAGE PRODUCTIVITY
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK ASSET
dc.subjectBANK EQUITY
dc.subjectBANK LENDING
dc.subjectBANK RECAPITALIZATION
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBARRIERS TO ENTRY
dc.subjectBASKET OF GOODS
dc.subjectBENCHMARK
dc.subjectBOND
dc.subjectBORROWING
dc.subjectBUDGET CONSTRAINTS
dc.subjectBUDGET SURPLUS
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL GOODS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPARATIVE ADVANTAGES
dc.subjectCOMPETITION POLICY
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONSUMERS
dc.subjectCONVERGENCE EQUATIONS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCPI
dc.subjectCRISES
dc.subjectCURRENCY
dc.subjectDEBT
dc.subjectDEBT SERVICE
dc.subjectDEBT STOCK
dc.subjectDEFICITS
dc.subjectDEPOSIT
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDIVIDENDS
dc.subjectDOMESTIC CREDIT
dc.subjectEARLY RETIREMENT
dc.subjectECONOMETRIC EVIDENCE
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CRISES
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC RENTS
dc.subjectECONOMIC SECTORS
dc.subjectECONOMIC STRUCTURE
dc.subjectELASTICITY
dc.subjectEMERGING ECONOMIES
dc.subjectEMPIRICAL EVIDENCE
dc.subjectEMPLOYMENT GROWTH
dc.subjectENTERPRISE PERFORMANCE
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPORT GROWTH
dc.subjectEXPORTS
dc.subjectEXTERNAL BORROWINGS
dc.subjectEXTERNAL DEBT
dc.subjectFACTOR MARKETS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL POLICIES
dc.subjectFIXED ASSETS
dc.subjectFIXED CAPITAL
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFORESTRY
dc.subjectFULL EMPLOYMENT
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT LABOR POLICIES
dc.subjectGOVERNMENT OWNERSHIP
dc.subjectGOVERNMENT SPENDING
dc.subjectGOVERNMENT SUPPORT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS FIXED CAPITAL FORMATION
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectHIGH WAGES
dc.subjectHOUSING
dc.subjectINCOME
dc.subjectINCOME LEVELS
dc.subjectINEFFICIENCY
dc.subjectINFLATION
dc.subjectINNOVATION
dc.subjectINNOVATIONS
dc.subjectINSURANCE
dc.subjectINTELLECTUAL PROPERTY
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL CRISIS
dc.subjectINTERNATIONAL FINANCIAL INSTITUTION
dc.subjectINTERNATIONAL RESERVES
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVENTORY
dc.subjectINVESTMENT FINANCING
dc.subjectINVESTOR PROTECTION
dc.subjectJOB CREATION
dc.subjectJOINT STOCK COMPANY
dc.subjectLABOR COSTS
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLABOR MARKET POLICIES
dc.subjectLABOR MARKET RIGIDITIES
dc.subjectLABOR MARKETS
dc.subjectLABOR MOBILITY
dc.subjectLABOR ORGANIZATION
dc.subjectLABOR PRODUCTIVITY
dc.subjectLABOR STATISTICS
dc.subjectLENDING PORTFOLIO
dc.subjectLIABILITY
dc.subjectLIQUIDITY
dc.subjectLOCAL GOVERNMENT
dc.subjectMACROECONOMIC ADJUSTMENT
dc.subjectMACROECONOMIC CRISES
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET COMPETITION
dc.subjectMARKET CONCENTRATION
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET SHARE
dc.subjectMICROFINANCE
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectNATIONAL BANK
dc.subjectNOMINAL INTEREST RATE
dc.subjectNONPERFORMING LOAN
dc.subjectNONPERFORMING LOANS
dc.subjectNPL
dc.subjectOIL
dc.subjectOIL PRICES
dc.subjectOUTPUT PER CAPITA
dc.subjectOUTPUTS
dc.subjectOUTSTANDING LOANS
dc.subjectOVEREMPLOYMENT
dc.subjectPEER REVIEW
dc.subjectPER CAPITA INCOME
dc.subjectPOLICY INSTRUMENTS
dc.subjectPOTENTIAL INVESTORS
dc.subjectPOTENTIAL OUTPUT
dc.subjectPRIVATIZATION
dc.subjectPRODUCTION FUNCTION
dc.subjectPRODUCTION INPUTS
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROFITABILITY
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC INVESTMENTS
dc.subjectRATES OF RETURN
dc.subjectREAL GDP
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREAL WAGES
dc.subjectREGULATORY FRAMEWORKS
dc.subjectRESOURCE ALLOCATION
dc.subjectRETIREMENT
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectSAFETY
dc.subjectSAFETY NETS
dc.subjectSAVINGS
dc.subjectSOFT BUDGET CONSTRAINTS
dc.subjectSOVEREIGN RISK
dc.subjectSTATE BANKS
dc.subjectSTATE ENTERPRISES
dc.subjectSTATE PROPERTY
dc.subjectSTRUCTURAL ADJUSTMENT
dc.subjectSTRUCTURAL CHANGE
dc.subjectSUSTAINABLE GROWTH
dc.subjectTAX
dc.subjectTAX RATE
dc.subjectTAX REVENUES
dc.subjectTAXATION
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTELECOMMUNICATIONS
dc.subjectTERMS OF TRADE
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectTOTAL OUTPUT
dc.subjectTRADE BALANCE
dc.subjectTRADE DEFICIT
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADE NEGOTIATIONS
dc.subjectTRADING
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPORT
dc.subjectTRUST FUND
dc.subjectUNEMPLOYED
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT BENEFITS
dc.subjectUNEMPLOYMENT RATE
dc.subjectVALUE ADDED
dc.subjectWAGE POLICIES
dc.subjectWAGE SUBSIDIES
dc.subjectWAGES
dc.subjectWEALTH
dc.subjectWORKING HOURS
dc.subjectWORLD TRADE ORGANIZATION
dc.subjectWTO
dc.titleBelarus Country Economic Memorandum : Eeconomic Transformation for Growthen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.date.disclosure2012-07-09
okr.date.doiregistration2025-05-07T10:59:20.228179Z
okr.doctypeEconomic & Sector Work::Country Economic Memorandum
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2012/04/16473078/belarus-country-economic-memorandum-economic-transformation-growth
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.guid471381468200650213
okr.guid938441468206681722
okr.identifier.externaldocumentum000333038_20120706005659
okr.identifier.internaldocumentum16473078
okr.identifier.report66614
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/07/06/000333038_20120706005659/Rendered/PDF/666140ESW0P1230Official0Use0Only090.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBelarus
okr.sectorPublic Administration, Law, and Justice
okr.sectorIndustry and trade
okr.sectorHealth and other social services :: Health
okr.sectorFinance
okr.sectorEducation
okr.themePublic sector governance :: Tax policy and administration
okr.themeEconomic management :: Macroeconomic management
okr.themeTrade and integration :: Export development and competitiveness
okr.themeEconomic management :: Debt management and fiscal sustainability
okr.themeEconomic management :: Analysis of economic growth
okr.topicSocial Protections and Labor::Labor Policies
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEconomic Theory and Research
okr.topicEnvironmental Economics and Policies
okr.topicMacroeconomics and Economic Growth
okr.topicEnvironment
okr.unitPoverty Reduction/Econ Mngmt (ECSPE)
okr.volume1 of 1
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