Expert says current economic downturn differs from past ones
June 18, BPN. The Belarusian economy and real income are falling, while unemployment and inflation keep rising, Uładzimir Kavałkin, founder of the Košt Urada think tank, told BPN.
According to him, the current crisis is different from earlier ones that were triggered by infusions of cash into the economy and monetary expansion. He warned that the economy is not expected to recover because of sanctions, restrictions on the movement of goods, services and capital, and limited imports and exports.
Kavałkin also noted the 4.2 percent decrease in the export of services, noting that and there are no prospects for growth after the ban of Belarusian trucks in the EU and the exodus of the IT-companies, major contributors to foreign trade in services in recent years.
Kavałkin predicted “regressive import substitution” and rolling back to the level of 1970s and 1980s instead of being some ten years behind the West. He also noted the decline in oil and raw materials imports from Russia and a reduction in consumer imports after Western companies have refused to work with Belarus and Russia.
According to the National Statistic Committee (Belstat), Belarus’ gross domestic product (GDP) fell by 3.4 percent from January to May year on year, amounting to 70.6 billion rubels at current prices (about 27.5$ billion).
- EU says Minsk violates academic freedoms by blacklisting exiled universityThe material is available only to POZIRK+
- PoliticsOfficial: 2,354 propaganda workers employed in MinskThe material is available only to POZIRK+
- Politics, SecurityRussia-led military bloc plans two exercises in Belarus this yearThe material is available only to POZIRK+
- Politics
- SocietyEnvironment ministry announces aerial rabies vaccination of wild animalsThe material is available only to POZIRK+
- SocietyCustoms officers seize over 2 kg of psychotropic drugs from bus at Brest checkpointThe material is available only to POZIRK+
- EconomyCentral bank’s net foreign currency assets down 7.7 percent in MarchThe material is available only to POZIRK+
- EconomyBiełstat: industrial inventories up nearly 10 percent in Q1The material is available only to POZIRK+
- PoliticsRyžankoŭ to attend meeting of CIS foreign ministers in MoscowThe material is available only to POZIRK+
- EconomyIndustrial production down 3.4 percent in January-MarchThe material is available only to POZIRK+
- Politics, SecurityBelarus’ RCB defense unit holding decontamination drillThe material is available only to POZIRK+
- Politics, SocietyLithuanian education ministry denounces Belarus' extremist designation for Vilnius universityThe material is available only to POZIRK+
- Economy
- SocietyPolish tax officers seize Belarusian cigarettes in Śląskie VoivodeshipThe material is available only to POZIRK+
- SocietyBelarus restricts access to forests over fire fearsThe material is available only to POZIRK+
- Security
- Politics, SecurityIntelligence chief of Belarus, Russia meet in KaliningradThe material is available only to POZIRK+
- PoliticsOpposition activist arrested in Belarus after being denied asylum by GermanyThe material is available only to POZIRK+
- Politics, Security
- Politics, SecurityFormer Moldovan deputy intelligence chief sentenced to 18 months in prison for allegedly spying for BelarusThe material is available only to POZIRK+



