Belarus Country Economic Memorandum : Eeconomic Transformation for Growth

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collection.link.76
https://openknowledge.worldbank.org/handle/10986/2184
collection.name.76
Country Economic Memorandum
dc.contributor.author
World Bank
dc.date.accessioned
2013-03-12T18:19:44Z
dc.date.available
2013-03-12T18:19:44Z
dc.date.issued
2012-04-05
dc.date.lastModified
2021-04-23T14:03:05Z
dc.description.abstract
The 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.identifier
http://documents.worldbank.org/curated/en/2012/04/16473078/belarus-country-economic-memorandum-economic-transformation-growth
dc.identifier.uri
http://hdl.handle.net/10986/12663
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTABILITY
dc.subject
ACCOUNTING
dc.subject
ACCUMULATED DEPRECIATION
dc.subject
ADMINISTRATIVE CONTROLS
dc.subject
AGRICULTURE
dc.subject
ALLOCATION OF CAPITAL
dc.subject
ALLOCATION OF CREDIT
dc.subject
ASSET QUALITY
dc.subject
ASSETS
dc.subject
AUTONOMY
dc.subject
AVERAGE PRODUCTIVITY
dc.subject
BALANCE OF PAYMENTS
dc.subject
BANK ASSET
dc.subject
BANK EQUITY
dc.subject
BANK LENDING
dc.subject
BANK RECAPITALIZATION
dc.subject
BANKING SECTOR
dc.subject
BANKING SYSTEM
dc.subject
BARRIERS TO ENTRY
dc.subject
BASKET OF GOODS
dc.subject
BENCHMARK
dc.subject
BOND
dc.subject
BORROWING
dc.subject
BUDGET CONSTRAINTS
dc.subject
BUDGET SURPLUS
dc.subject
CAPITAL ALLOCATION
dc.subject
CAPITAL EXPENDITURES
dc.subject
CAPITAL GOODS
dc.subject
CAPITAL INFLOWS
dc.subject
CAPITAL MARKETS
dc.subject
COMMERCIAL BANKS
dc.subject
COMPARATIVE ADVANTAGE
dc.subject
COMPARATIVE ADVANTAGES
dc.subject
COMPETITION POLICY
dc.subject
COMPETITIVENESS
dc.subject
CONSOLIDATION
dc.subject
CONSUMER PRICE INDEX
dc.subject
CONSUMERS
dc.subject
CONVERGENCE EQUATIONS
dc.subject
CORPORATE GOVERNANCE
dc.subject
CPI
dc.subject
CRISES
dc.subject
CURRENCY
dc.subject
DEBT
dc.subject
DEBT SERVICE
dc.subject
DEBT STOCK
dc.subject
DEFICITS
dc.subject
DEPOSIT
dc.subject
DEVALUATION
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPMENT BANK
dc.subject
DIVIDENDS
dc.subject
DOMESTIC CREDIT
dc.subject
EARLY RETIREMENT
dc.subject
ECONOMETRIC EVIDENCE
dc.subject
ECONOMIC ACTIVITY
dc.subject
ECONOMIC CRISES
dc.subject
ECONOMIC DEVELOPMENT
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC RENTS
dc.subject
ECONOMIC SECTORS
dc.subject
ECONOMIC STRUCTURE
dc.subject
ELASTICITY
dc.subject
EMERGING ECONOMIES
dc.subject
EMPIRICAL EVIDENCE
dc.subject
EMPLOYMENT GROWTH
dc.subject
ENTERPRISE PERFORMANCE
dc.subject
EXCHANGE RATE
dc.subject
EXPENDITURE
dc.subject
EXPORT GROWTH
dc.subject
EXPORTS
dc.subject
EXTERNAL BORROWINGS
dc.subject
EXTERNAL DEBT
dc.subject
FACTOR MARKETS
dc.subject
FINANCIAL CRISIS
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL SECTOR
dc.subject
FINANCIAL SYSTEM
dc.subject
FISCAL POLICIES
dc.subject
FIXED ASSETS
dc.subject
FIXED CAPITAL
dc.subject
FOREIGN BANKS
dc.subject
FOREIGN DIRECT INVESTMENT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN EXCHANGE MARKETS
dc.subject
FORESTRY
dc.subject
FULL EMPLOYMENT
dc.subject
GDP
dc.subject
GDP PER CAPITA
dc.subject
GOVERNMENT EXPENDITURES
dc.subject
GOVERNMENT LABOR POLICIES
dc.subject
GOVERNMENT OWNERSHIP
dc.subject
GOVERNMENT SPENDING
dc.subject
GOVERNMENT SUPPORT
dc.subject
GROSS DOMESTIC PRODUCT
dc.subject
GROSS FIXED CAPITAL FORMATION
dc.subject
GROWTH POTENTIAL
dc.subject
GROWTH RATE
dc.subject
HIGH WAGES
dc.subject
HOUSING
dc.subject
INCOME
dc.subject
INCOME LEVELS
dc.subject
INEFFICIENCY
dc.subject
INFLATION
dc.subject
INNOVATION
dc.subject
INNOVATIONS
dc.subject
INSURANCE
dc.subject
INTELLECTUAL PROPERTY
dc.subject
INTEREST RATE
dc.subject
INTEREST RATES
dc.subject
INTERNATIONAL FINANCE
dc.subject
INTERNATIONAL FINANCIAL CRISIS
dc.subject
INTERNATIONAL FINANCIAL INSTITUTION
dc.subject
INTERNATIONAL RESERVES
dc.subject
INTERNATIONAL STANDARDS
dc.subject
INVENTORY
dc.subject
INVESTMENT FINANCING
dc.subject
INVESTOR PROTECTION
dc.subject
JOB CREATION
dc.subject
JOINT STOCK COMPANY
dc.subject
LABOR COSTS
dc.subject
LABOR FORCE
dc.subject
LABOR MARKET
dc.subject
LABOR MARKET POLICIES
dc.subject
LABOR MARKET RIGIDITIES
dc.subject
LABOR MARKETS
dc.subject
LABOR MOBILITY
dc.subject
LABOR ORGANIZATION
dc.subject
LABOR PRODUCTIVITY
dc.subject
LABOR STATISTICS
dc.subject
LENDING PORTFOLIO
dc.subject
LIABILITY
dc.subject
LIQUIDITY
dc.subject
LOCAL GOVERNMENT
dc.subject
MACROECONOMIC ADJUSTMENT
dc.subject
MACROECONOMIC CRISES
dc.subject
MACROECONOMIC POLICIES
dc.subject
MACROECONOMIC POLICY
dc.subject
MACROECONOMIC STABILITY
dc.subject
MARKET COMPETITION
dc.subject
MARKET CONCENTRATION
dc.subject
MARKET INFRASTRUCTURE
dc.subject
MARKET SHARE
dc.subject
MICROFINANCE
dc.subject
MONETARY FUND
dc.subject
MONETARY POLICIES
dc.subject
MONETARY POLICY
dc.subject
NATIONAL BANK
dc.subject
NOMINAL INTEREST RATE
dc.subject
NONPERFORMING LOAN
dc.subject
NONPERFORMING LOANS
dc.subject
NPL
dc.subject
OIL
dc.subject
OIL PRICES
dc.subject
OUTPUT PER CAPITA
dc.subject
OUTPUTS
dc.subject
OUTSTANDING LOANS
dc.subject
OVEREMPLOYMENT
dc.subject
PEER REVIEW
dc.subject
PER CAPITA INCOME
dc.subject
POLICY INSTRUMENTS
dc.subject
POTENTIAL INVESTORS
dc.subject
POTENTIAL OUTPUT
dc.subject
PRIVATIZATION
dc.subject
PRODUCTION FUNCTION
dc.subject
PRODUCTION INPUTS
dc.subject
PRODUCTIVITY GROWTH
dc.subject
PROFITABILITY
dc.subject
PROPERTY RIGHTS
dc.subject
PUBLIC DEBT
dc.subject
PUBLIC EXPENDITURES
dc.subject
PUBLIC INVESTMENTS
dc.subject
RATES OF RETURN
dc.subject
REAL GDP
dc.subject
REAL INTEREST
dc.subject
REAL INTEREST RATE
dc.subject
REAL INTEREST RATES
dc.subject
REAL WAGES
dc.subject
REGULATORY FRAMEWORKS
dc.subject
RESOURCE ALLOCATION
dc.subject
RETIREMENT
dc.subject
RETURN ON ASSETS
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RETURNS
dc.subject
RISK MANAGEMENT
dc.subject
SAFETY
dc.subject
SAFETY NETS
dc.subject
SAVINGS
dc.subject
SOFT BUDGET CONSTRAINTS
dc.subject
SOVEREIGN RISK
dc.subject
STATE BANKS
dc.subject
STATE ENTERPRISES
dc.subject
STATE PROPERTY
dc.subject
STRUCTURAL ADJUSTMENT
dc.subject
STRUCTURAL CHANGE
dc.subject
SUSTAINABLE GROWTH
dc.subject
TAX
dc.subject
TAX RATE
dc.subject
TAX REVENUES
dc.subject
TAXATION
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TECHNICAL ASSISTANCE
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TELECOMMUNICATIONS
dc.subject
TERMS OF TRADE
dc.subject
TOTAL FACTOR PRODUCTIVITY
dc.subject
TOTAL OUTPUT
dc.subject
TRADE BALANCE
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TRADE DEFICIT
dc.subject
TRADE LIBERALIZATION
dc.subject
TRADE NEGOTIATIONS
dc.subject
TRADING
dc.subject
TRANSITION ECONOMIES
dc.subject
TRANSPORT
dc.subject
TRUST FUND
dc.subject
UNEMPLOYED
dc.subject
UNEMPLOYMENT
dc.subject
UNEMPLOYMENT BENEFITS
dc.subject
UNEMPLOYMENT RATE
dc.subject
VALUE ADDED
dc.subject
WAGE POLICIES
dc.subject
WAGE SUBSIDIES
dc.subject
WAGES
dc.subject
WEALTH
dc.subject
WORKING HOURS
dc.subject
WORLD TRADE ORGANIZATION
dc.subject
WTO
dc.title
Belarus Country Economic Memorandum : Eeconomic Transformation for Growth
en
okr.crosscuttingsolutionarea
Jobs
okr.date.disclosure
2012-07-09
okr.doctype
Economic & Sector Work :: Country Economic Memorandum
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/en/2012/04/16473078/belarus-country-economic-memorandum-economic-transformation-growth
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Social Protection and Labor
okr.globalpractice
Environment and Natural Resources
okr.globalpractice
Finance and Markets
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000333038_20120706005659
okr.identifier.internaldocumentum
16473078
okr.identifier.report
66614
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/07/06/000333038_20120706005659/Rendered/PDF/666140ESW0P1230Official0Use0Only090.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.country
Belarus
okr.sector
Public Administration, Law, and Justice
okr.sector
Industry and trade
okr.sector
Health and other social services :: Health
okr.sector
Finance
okr.sector
Education
okr.theme
Public sector governance :: Tax policy and administration
okr.theme
Economic management :: Macroeconomic management
okr.theme
Trade and integration :: Export development and competitiveness
okr.theme
Economic management :: Debt management and fiscal sustainability
okr.theme
Economic management :: Analysis of economic growth
okr.topic
Social Protections and Labor :: Labor Policies
okr.topic
Banks and Banking Reform
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Economic Theory and Research
okr.topic
Environmental Economics and Policies
okr.topic
Macroeconomics and Economic Growth
okr.topic
Environment
okr.unit
Poverty Reduction/Econ Mngmt (ECSPE)
okr.volume
1 of 1

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