Republic of Belarus: Staff Report for the 2015 Article IV Consultation

International Monetary Fund

No 2015/136, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2015 Article IV Consultation highlights that Belarus continues to be highly vulnerable to economic shocks, as was illustrated by the turbulence in foreign exchange and debt markets in late 2014. Frequent bouts of expansionary macroeconomic policies, in a context of deep structural rigidities, have fueled inflation and external imbalances and left Belarus dependent on ad hoc external support. In 2015, growth has slowed sharply as high uncertainty, reductions in real incomes, administrative measures, and declining trade with Russia weighed on activity. The outlook is for a recession and continued external pressures. With Russia in a downturn, the Belarusian economy is projected to contract by 2.25 percent in 2015, led by falling exports.

Keywords: ISCR; CR; U.S. dollar; market; devaluation; debt; outlay; financing constraint; Belarusian economy; stepwise devaluation; government finance statistics; Directed credit; Exchange rates; Currencies; Global; Western Europe; Baltics; Eastern Europe (search for similar items in EconPapers)
Pages: 62
Date: 2015-05-29
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