Экспазіцыя беларускіх вытворцаў на Дамаскай міжнароднай выставе. Фота з сайта Беларускай гандлёва-прамысловай палаты
Exposition of Belarusian manufacturers at the Damascus international Fair. Photo from the website of the Belarusian Chamber of Commerce and Industry
Вялікі Камень. Кітайска-Беларускае супрацоўніцтва. Фота БЕЛТА
Great Stone. Chinese-Belarusian cooperation. BELTA photo
На прадпрыемстве «АДАНІ». Фота А. Манчук. БЕЛТА
At the enterprise «ADANI». Photo by O. Manchuk. BELTA
Індустрыяльны парк “Вялікі Камень". Фото БЕЛТА
Industrial Park “Great Stone”. BELTA photo
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, which in 2017 accounted for 88% of the total production of this segment of the economy. In the world ranking of countries on the industrial competitiveness index, the Republic of Belarus occupies the 45th position, with a large margin ahead of the CIS countries, except for the Russian Federation.
The current stage of reforming and developing the economy of Belarus is associated with changes in the economic policy, aimed at gradual liberalization of economic relations, privatization, development of the non-state sector, small and medium business. The development of the business environment is associated with solving problems of ensuring the country's economic growth and the transition to an innovative development path. A network of infrastructure entities supporting small and medium-sized businesses has been created, which consists of business support centers and small business incubators, located in most of the regional centers and large cities. In the Doing Business 2018 report, the Republic of Belarus ranked 38th among the 190 countries covered by this study. It traditionally occupies a leading position in terms of "property registration" (5th place). In addition, Belarus entered the world's top thirty countries with the best business conditions for indicators: “obtaining building permits” (22nd place), “ensuring contract execution” (24th place), “connecting to the power supply system” (25th place), “international trade” (30th place), “enterprise registration” (30th place).
Agriculture is specialized in growing crops traditional for temperate latitudes. Grain crops predominate in crop production: predominantly barley, rye, wheat, potatoes, and fodder crops, and the cultivation of grain legumes and oilseeds is expanding. In livestock, cattle are mainly raised for the production of milk and meat, as well as pigs and poultry. In addition, 19.9% of global flax crops are concentrated in the country. The share of agricultural production is about 6-7% of GDP. The republic is almost completely self-sufficient in food: imports account for less than 10% of the total consumption. Some types of food products are export potential. Belarus is among the 15 world's largest exporters of dairy products, 25 exporters of meat; the top five among the 23 leading manufacturers of flax fiber and 25 exporters of meat. At the same time, about 9% of the total number of people employed in the country's economy work at the agricultural sector. Creating the most favorable conditions for the formation and functioning of the business environment, increasing the investment attractiveness of the Belarusian economy was and remains one of the most important national priorities.
A single fiscal, monetary and exchange rate policy is being conducted in the republic. The national currency is the Belarusian ruble. The management, planning and forecasting function in the financial sphere is performed by the Ministry of Finance, the Ministry of Economy, and the National Bank of the Republic of Belarus. The fiscal policy is aimed at maintaining the stability of the budget system by creating a stable revenue base by improving the tax system. The goal, objectives and priorities for the development of the financial market of the Republic of Belarus for the medium term are determined by the “Strategy for the Development of the Financial Market of the Republic of Belarus until 2020”, approved by the Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus of 29.03.2017 No. 229/6.
The current economic policy is aimed at mitigating the impact of adverse economic conditions, including through the adoption of measures to support a number of industries and sectors of the economy. Considerable attention is paid to the reduction of bad debts to banks, the reduction of policy lending, the creation of conditions for the accelerated development of non-bank segments of the financial market, macroeconomic stabilization, and the preservation of the country's gold and currency reserves.
The country is seriously investing in the development of logistics and the improvement of the passenger and cargo transportation system. The logistic system of Belarus is built on the effective use of geographic location. The routes connecting the EU countries with Russia, Kazakhstan and other Asian countries pass through the territory of the republic. The main traffic flows go to the east, Russia and countries of the Asian region, and also the ports of the Baltic Sea in the north, the West-European countries in the west, and the countries of the Black Sea region in the south. In 2016, a new Republican program for the development of the logistics system and transit potential for 2016–2020 was adopted. Its goal is the effective integration of the national logistics into the international system of distribution of financial and labor resources, increasing the transit attractiveness of the state, and increasing the profitability of exporting logistics services. As part of the program, an active increase in the volume of logistics services began.
The favorable geographical position of the republic, developed transport and communication networks, a favorable investment climate create good opportunities for active and mutual international cooperation and trade. Belarus maintains trade relations with almost all countries of the world. The main trading partners are the Russian Federation (as of 2017, 51.1% of the total turnover), Ukraine (7.2%), China (4.9%), Germany (4.5%), the United Kingdom of Great Britain and Northern Ireland (4.2%), Poland (3.8%), the Netherlands (2.2%), Lithuania (1.8%), Turkey (1.5%), Italy (1.3%), Kazakhstan (1.1%). The country is among the leading world's exporters of trucks, tractors, road-building and municipal vehicles. The role of Belarus in the international market of services, especially in the field of computer services, whose exports increased more than 5 times compared to 2010, is growing. E-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 national economy is aimed at ensuring its efficiency and competitiveness based on the transfer to an innovative, high-tech, knowledge-intensive type of development.
Links to the Internet-resources
Ministry of Antimonopoly Regulation and Trade of the Republic of Belarus
Ministry of Industry of the Republic of Belarus
Ministry of Finance of the Republic of Belarus
Ministry of Economy of the Republic of Belarus
Ministry of Transport and Communications of the Republic of Belarus
Belarusian Union of Entrepreneurs
The state program for the developement of digital economy and information society, 2016–2020
Minsk Tractor Works (MTW)
National Bank of the Republic of Belarus
The government program of the Republic of Belarus, 2016–2020
The socio-economic development program of the Republic of Belarus, 2016–2020
The state program for innovative developement of the Republic of Belarus, 2016–2020
The state program for the transport sector developement of the Republic of Belarus, 2016–2020
The state program "Small and medium business of the Republic of Belarus", 2016–2020
Sustainable Development Goals in Belarus