The Belarusian government forecasts the nation's GDP to increase by 0.7% y/yin the first quarter of 2020, by 1.6% y/y in the first half of the next year, 2.2% y/y in January-September, and by 2.8% y/y over the year.
A row with Russia that saw Belarus' oil supplies cut off caught the headlines but the bigger problem the country faces is its demographic trends. The government wants to boost technological industries and increase diversification.
In 1991 the Soviet Union broke apart and created 15 independent countries. But over the last three decades, while these countries are politically independent, the economies of Russia, Ukraine, Belarus and Kazakhstan (KRUB) remain joined at the hip.
Belarusian President says Russian natural gas monopoly Gazprom earns "three times as much in Belarus than in Germany" from gas sales amid the lack of agreement with Moscow on new oil and gas subsidies for Minsk.
The foreign exchange reserves of Belarus increased by $2.2bn in 2019, or 31.2% year-on-year, to $9.4bn in 2019, according to the National Bank of Belarus (NBB).
The Belarusian government forecasts the nation's GDP to increase by 0.7% year-on-year in the first quarter of 2020, by 1.6% y/y in the first half of the next year, 2.2% y/y in January-September, and by 2.8% y/y over the year.
Russia suspended oil deliveries in the first week of January as it failed to agree a new supply contract with Minsk, but supplies were resumed on January 4 after talks between the two countries' prime ministers.
The previous supply contract expired on December 31, 2019 and the two sides had been trying to agree a new deal.