Belarus is a medium-sized European state

Organizing Globalization in Belarus and Belarus's International Trade
Belarus is a medium-sized European state. The total area is 207,600km2, or about 2% of the total area of Europe. Belarus is the 13th largest country among 44 continental European states (the world's 84th largest country). It is bigger than Greece, Portugal, Austria, the Netherlands, Belgium, Czechia.
GDP and Economic Growth
GDP Annual Growth Rate in Belarus averaged 0.72 percent from 2011 until 2023, reaching an all time high of 11.05 percent in the second quarter of 2011 and a record low of -8.05 percent in the second quarter of 2022. source: National Statistical Committee of the Republic of Belarus.
GDP Growth Rate
The Gross Domestic Product (GDP) in Belarus expanded 6.10 percent in the second quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Belarus averaged 0.72 percent from 2011 until 2023, reaching an all time high of 11.05 percent in the second quarter of 2011 and a record low of -8.05 percent in the second quarter of 2022.
Economic Sectors
In 2022, agriculture contributed around 7.71 percent to the GDP of Belarus, 33.19 percent came from the industry and 48.28 percent from the services sector.
Business and Cycle Indicators
The paper documents stylized facts about Belarusian business cycle based on aggregate and industry data and puts it into an international content. First, the aggregate fluctuations in Belarus are mostly driven by the wedge, which resembles a time-varying investment tax. Second, the fluctuation in relative prices of an industry is typically more important than volume fluctuation. Furthermore, the impact of price fluctuations is partially offset by volume fluctuation. Third, the aggregate cycle is smoother than the industry-specific one. In particular, agriculture, construction and finance experience a very sharp drop in a recession.
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Business Confidence
CEIC calculates Business Confidence Change from monthly Business Confidence Indicator. The National Bank of the Republic of Belarus used to provide Business Confidence Indicator with range from -100 to 100 with neutral point 0. Business Confidence used to cover all sectors of the economy. Since January 2012 the National Bank of the Republic of Belarus had changed the time of conducting the survey. Thus, Business Confidence was not available in December 2011.
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Industrial Production
In 2019, total industrial production amounted to 115.7 billion Belarusian rubles (c. US$54 billion); in 2020, it rose to Rbls 116.5 billion (c. US$44–54 billion). Belarusian industry is export-oriented: in 2020, 61.2% of industrial output was exported.
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Unemployment Rate
The unemployment rate averaged 5.0% in the decade to 2022, below the 7.4% average for Eastern Europe. The unemployment rate in 2022 was 3.6% in Belarus. For more unemployment information, visit our dedicated page.
Consumption and Investment
CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. Private Consumption is calculated as the sum of Household and NPISHs Consumption. The National Statistical Committee of the Republic of Belarus provides Private Consumption Expenditure in local currency and Nominal GDP in local currency, both based on SNA 2008. Private Consumption as % of Nominal GDP prior to Q1 2009 is based on SNA 1993 and prior to Q1 2000 is sourced from the International Monetary Fund.
Consumer Spending
Consumer Spending in Belarus averaged 12898.08 BYN Million from 2014 until 2023, reaching an all time high of 18869.60 BYN Million in the second quarter of 2023 and a record low of 9598.80 BYN Million in the first quarter of 2017. source: National Statistical Committee of the Republic of Belarus.
Foreign Direct Investment
Belarus Foreign Direct Investment (FDI) fell by 208.1 USD in Jun 2023, compared with an increase of 2.4 USD bn in the previous quarter. Belarus Foreign Direct Investment: USD net flows data is updated quarterly, available from Mar 1996 to Jun 2023.
Money
Get insights into the monetary policies implemented by Belarus's central bank to maintain a stable financial system and support economic growth.
Currency Stability
First, in 2000 the United Kingdom moved responsibility for banking supervision from the Bank of England to the Financial Services Authority as part of the process of creating a single financial regulator. The creation of a single financial regulator is one way of rationalizing or merging disparate organizations that are responsible for parts of the financial regulatory or supervisory framework.
Central Bank Role
It has all the ingredients of managing monetary aggregates and interest rates. It has embedded in it the monetary transmission mechanism and references to monetary targets.
Banking Sector
Banks dominate the financial sector. Commercial banks in Belarus represent around 85% of total financial assets and are estimated at 73% of GDP (2016). Leasing, microcredit and insurance companies account for roughly 5%. The Belarus Development Bank represents 7% of total assets.
Labor Market
The unemployment rate in Belarus is forecast to 4.01% in 2023. The unemployed people in Belarus is forecast to 0.34m in 2023. The employment rate in Belarus is forecasted to 70.05% in 2023. The number of employed people in Belarus is forecasted to 5.94m in 2023.
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Skilled Workforce
Highly skilled workforce: Belarus has a strong tradition of technical education, which has resulted in a highly skilled and educated workforce. Many Belarusian universities are well-respected for their engineering, IT, and science programs, which means that you can find talented professionals in these fields.
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Employment Policies
Employees in Belarus typically work eight hours daily and 40 hours per week. In Belarus, overtime work should not exceed 12 hours daily, 10 hours weekly, and 180 hours annually. Overtime work must be paid at a rate of 100% over regular pay. Employees can be given time off in lieu of payment for overtime.
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Labor Force Mobility
In Belarus, both incoming and outgoing labour migration play a significant role in the socio-economic development. Since 2009, the number of labour immigrants annually exceeds the number of Belarusians going to work abroad.
While migrants coming to work in the country are traditionally viewed as a valuable addition to the national labor market ensuring a balance between the supply and demand, labour emigration is often seen as a risk.
However, if well-managed, labour migration can contribute to development through migrant remittances that can be used for investments, an opportunity to develop entrepreneurship in the country and overall a contribution to the financial stability of households, as well as the national economy. 
In 2021, remittances accounted to 1.29% of the GDP but the potential is much higher. The importance of remittances for development has been acknowledged in the UN Sustainable Development, amongst others by setting the goal to reduce the cost of remittance transfers.
International Trade and Investment
Total trade in goods and services (exports plus imports) between the UK and Belarus was £540 million in the four quarters to the end of Q2 2023, a decrease of 16.4% or £106 million in current prices from the four quarters to the end of Q2 2022. Of this £540 million: • Total UK exports to Belarus amounted to £65 million in the four quarters to the end of Q2 2023 (a decrease of 27.0% or £24 million in current prices, compared to the four quarters to the end of Q2 2022); • Total UK imports from Belarus amounted to £475 million in the four quarters to the end of Q2 2023 (a decrease of 14.7% or £82 million in current prices, compared to the four quarters to the end of Q2 2022). Belarus was the UK’s 105th largest trading partner in the four quarters to the end of Q2 2023 accounting for less than 0.1% of total UK trade.1 In 2021, the outward stock of foreign direct investment (FDI) from the UK in Belarus was £32 million. In 2021, the inward stock of foreign direct investment (FDI) in the UK from Belarus was £5 million.2
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Export Performance
Positive steps in improving the domestic business environment should be complemented by comprehensive measures to restructure the enterprise sector, facilitate the exit of inefficient companies, and create conditions for more productive firms to emerge. These measures would also help improve the competitiveness of traditional export sectors - which have been affected by a heavy reliance on petro-chemical exports.
Government
The Republic of Belarus is a unitary democratic welfare and rule-of-law state.
The Republic of Belarus exercises supreme control and absolute authority over its territory and implements its domestic and foreign policies in an independent manner.
The human being, his/her rights and freedoms and their guaranteed implementation are of the highest importance and the supreme goal of society and the State.
The democratic foundations of the Belarusian statehood guarantee diversity of political institutions, ideologies and views.
The Republic of Belarus is guided by the principle of the rule of law. The state, all of its public authorities and officials act within the limits of the Constitution and the legislative acts adopted in accordance with it.
Belarus is a presidential republic.
The Head of State is the President of the Republic of Belarus.
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Economic Policies
The highly centralized Belarusian economy emphasizes full employment and a dominant public sector. It has been described as a welfare state or market socialist. Belarus is the world's 74th-largest economy by GDP. $79.7 billion (nominal, 2022 est.)
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Regulatory Framework
Belarus has gained international recognition as a burgeoning hub for technology and innovation. The country's government has implemented a range of regulations aimed at fostering the growth of the Tech sector. In this review, we will explore the regulatory framework in Belarus and its impact on the thriving IT industry.
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Investment Incentives
Over the last year, the Lukashenka regime has continued to expand its campaign of repression and violations of human rights stemming from the fraudulent presidential elections in August 2020. In so doing, authorities have significantly worsened the business and investment climate in Belarus, seen Belarus expelled or suspended from international development organizations, severed ties with most of Belarus’ biggest trading partners, and become subject to numerous rounds of sanctions by the United States, the EU, and others, the most recent of which was announced by the United States on March 24, 2023. To date, 178 entities and individuals have been designated by the U.S. Department of the Treasury alongside more than 30 businesses targeted for export controls by the U.S. Department of Commerce and hundreds of individuals subject to visa bans by the U.S. Department of State.
Forecast from the IMF