Economy and Business

The Republic of Belarus is an export-oriented state with a developed industry, agriculture and services sector. The main sectors of the economy of Belarus are manufacturing, agriculture, construction, trade, transport. Industry is the largest industry and the flagship of the economy. Its development largely determines the main economic trends. This industry produces a quarter of gross domestic product. It concentrates about 37% of all fixed assets of the country, employing 23% of the total number of people employed in the economy. The basis of industrial production is the manufacturing industry.

The current stage of reforming and developing the economy of Belarus is associated with changes in the economic policy of the state aimed at the gradual liberalization of economic relations, privatization, development of the non-state sector of the economy, small and medium-sized businesses. The development of the business environment is associated with the solution of tasks to ensure the country's economic growth and the transition to an innovative way of development. In accordance with the priorities of socio-economic development defined in the concept of the National Strategy for Sustainable Socio-Economic Development of the Republic of Belarus until 2035, the country has a “Strategy for the Development of Small and Medium-Sized Businesses“ Belarus – a Country of Successful Entrepreneurship ”for the Period until 2030”, state programs "Small and Medium Business" for 2021–2025 ”, “Agricultural Business ”for 2021–2025”, a network of subjects of infrastructure to support small and medium-sized businesses has been created and operates.

Agriculture is specialized in the cultivation of crops traditional for temperate latitudes. In crop production, cereals predominate: mainly barley, rye, wheat, potatoes, fodder crops, the volume of cultivation of legumes and oilseeds is expanding. Livestock raising mainly cattle for the production of milk and meat, as well as pigs and poultry. In addition, 19.9% of the world's flax crops are concentrated in the country. The republic is almost completely self-sufficient in food: imports make up less than 10% of the total consumption.

The country is pursuing a unified fiscal, tax, monetary, and exchange rate policy. The national currency is the Belarusian ruble. The functions of management, planning and forecasting in the financial sector are carried out by the Ministry of Finance, the Ministry of Economy, and the National Bank of the Republic of Belarus. Fiscal policy is aimed at maintaining the stability of the budgetary system by creating a stable revenue base by improving the tax system. The goal, objectives and priority areas for the development of the financial market of the Republic of Belarus for the medium term are determined by the State Program "Public Finance Management and Financial Market Regulation" for 2020 and for the period until 2025.

A serious stake is placed on the development of logistics, improvement of the system of transportation of passengers and goods. The logistics system of Belarus is built on the efficient use of its geographical location. Through the territory of the republic there are routes connecting the countries of the European Union with Russia, Kazakhstan and other Asian states. The main traffic flows go to the east – to Russia and the countries of the Asian region, to the north – to the ports of the Baltic Sea, to the west – to the countries of Europe and to the south – to the countries of the Black Sea region. The state programs “Transport complex” for 2021–2025”, “Roads of Belarus for 2021–2025” are aimed at ensuring sustainable mobility and meeting the needs of the economy for competitive and efficient transport services.

The favorable geographical position of the republic, developed transport and communication networks, and a favorable investment climate create good opportunities for active and mutual international cooperation and trade. The export of goods and services in 2020 amounted to $ 37,041.9 million. The country steadily ranks 2nd in the world export of potassium, Belarusian agricultural products and foodstuffs were supplied to 117 countries, the export of Belarusian computer services amounted to $ 2.5 billion. In terms of the export of this type of service per capita, Belarus is ahead of such countries as the USA, the Republic of Korea, Japan, Poland, China, and Russia. Electronic commerce is actively developing. Today, this form of trade relations is seen as a way to create a civilized, transparent, highly organized market for products, services and technologies.

Further economic, technical and technological policy in the field of the national economy is aimed at ensuring its efficiency and competitiveness on the basis of transferring to an innovative, high-tech, science-intensive type of development. In 2021, a number of state programs were adopted: “Digital Development of Belarus” for 2021–2025, “Science-Intensive Technologies and Technique” for 2021–2025, “State Program of Innovative Development of the Republic of Belarus for 2021–2025”, aimed at introducing information-communication and advanced production technologies in the sector of the national economy and the sphere of life of society.

Links to the Internet-resources

The Council of Ministers of the Republic of Belarus