1945

Belarus is an export-oriented country in Eastern Europe neighbouring and with strong historical ties to the Russian Federation, the Baltics, Poland and Ukraine. It retained much of its diversified production structure following independence from the Soviet Union, through a significantly slower and more gradual transition to a market economy. The past “golden” decade has seen stable growth and an expanding, export-oriented information and communication technology (ICT) services sector, fuelled in part by reforms that increased openness and macroeconomic stability. The private sector, especially in regard to innovation, is hamstrung by the dominance of State-owned assets, burdensome regulations and ambitious but at times inefficient support mechanisms. Boosting broader experimentation with ideas to create value and increase productivity will be essential for Belarus to sustain growth in the medium and long term.

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