Belarus' anti-crisis management: success story of delayed recession?

Relatively successful macroeconomic dynamics of Belarus in 2009 actually meant that economic challenges shifted to the future. The intention to avoid recession in 2010 caused further problems in 2011.

The response of Belarus to the global economic crisis was shaped by a number of distinctive features of the Belarusian economy and of the economic policies implemented before the crisis. The specifics of anti-crisis management in Belarus resulted in a distribution of output losses for a number of subsequent periods and delayed recession. The scenario of stabilisation policies in Belarus can therefore be regarded as ineffective. The core reasons for this are an inappropriate choice of policy instruments and delayed exit from stabilisation policy. It is argued that this policy mix has long-term implications, including worsening economic growth prospects.

 You can download the full analysis here.

The article was published in Europe-Asia Studies, Volume 65, Issue 3, 2013