• Evidence Based Policy - Macroeconomic Research Center

For 2015-2017 (January-August) Belarus’s GDP declined by 7%, real money income of the population – by 18.8%. Investments in fixed capital fell by 44%. GDP will not grow without investments. The GDP growth rate for this period was very close to zero. According to the forecasts of Russian scientists and specialists of the IMF, the near-zero GDP growth rates are expected to be in Belarus and Russia. The situation in Belarus is worse than in Russia. The country’s gross external debt over the past 10 years has grown from 18% to 77% of GDP. The service of the debt in 2016, for example, amounted to about 16% of GDP. To pay off debts in time, the government takes loans at high interest rates. And thus, climbs into the financial pyramid.

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