Posted: 09.06.2023 17:17:00

Golovchenko: Belarus built anti-crisis economy management in short time

Under the conditions of sanctions pressure, Belarus has managed to build anti-crisis economy management in a short time – as stated by Prime Minister Roman Golovchenko during the Eurasia of the Future: From Challenges to Solutions plenary session held as part of the Eurasian Congress'23 in Sochi


“A quarter of the Belarusian economy was under a direct legal effect of Western sanctions. In fact, we have lost our traditional markets of neighbouring countries. Given that all industries are intertwined in one way or another, there was a cumulative effect. Other sectors of the economy were affected indirectly,” the PM said.

Mr. Golovchenko added that the goals for those measures were clear: the economy of Belarus would have suffered seriously. “Recognised forecasters from the West predicted a 20 percent decrease in our GDP. For you to understand, the share of exports in Belarus' GDP exceeds 60 percent, and the country’s economy is characterised by a high degree of openness. $40bn out of $76bn of GDP accounted for exports in 2022,” he said.

The PM noted that these figures indicate a high degree of openness and vulnerability of the economy to external shocks. Of course, Belarus was not going to accept the situation. “Anti-crisis management of the economy was built in a short time. On the external circuit, the main attention was paid to the support of exporters, the restoration of logistics, and the settlement system. At the domestic level, the necessary decisions were taken to ensure the smooth operation of enterprises, maximum and prompt import substitution, and strict pricing control,” Mr. Golovchenko explained.