Belarus’s economic model is characterized by state-led development and substantial income redistribution. The size of the public sector is large compared to other middle-income transition economies. Low energy prices from Russia and a favorable external environment helped to maintain relative macroeconomic and fiscal stability until 2008 and allowed Belarus to record notable social and economic progress.
The global economic and financial crisis and the rise in energy prices have exposed the limits of Belarus’s development model, and the country faces urgent macroeconomic and structural development challenges.
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