Belarusian Economic Research and Outreach Center

Preventing a perfect storm

A perfect economic storm is approaching Belarus. A GDP decline in 2020 has become almost inevitable. In the near future, the Belarusian economy will face new serious difficulties. Competent anticipatory actions - which must be taken immediately - can mitigate the loss of output and incomes, and prevent or limit financial stress. A belated reaction (or its absence at all) to the rapidly changing reality, the choice of the wrong priorities and tools, the inconsistency of the actions of the economic authorities can lead to a large-scale economic recession, accompanied by unemployment, financial and social losses. With regard to economic policy, we assume that its maximum publicity, openness, and transparency will generate trust, and this, in turn, will increase the effectiveness of economic policy. Therefore, this analytical note is aimed at encouraging public discussion and developing an effective package of measures.

The Policy Paper is available only in Russian.