Belarus Economic Structure

By: EconomyWatch Content   Date: 10 March 2010

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 Belarus’ economic structure is undergoing a strict and much needed overhauling. The currency has been devalued and other administrative measures have been taken to get Belarus trade on the international platform. Russia has been the main helping neighbor with trade, contributing more than 50% of the nation’s trade. In fact, the new steps taken by Russia to help the Belarus economic structure perform well will provide the much needed impetus, although growth might take a beating in the first few years of its implementation.

 

Belarus Economic Structure

To foster growth, Belarus’ economic structure has started focusing on energy efficiency and diversifying export. However, since growth was mainly possible through external borrowings, the credit markets are not as willing post recession as it once was, and therefore growth might be limited in the near term.

However, as far as internal structuring is concerned, services still lead the way when it comes to adding to the GDP. Here is what the break up looks like:

  • Agriculture: 9.3%

  • Industry: 39.7%

  • Services: 51% (2009 est.)

 

Belarus Economic Structure

In sync with the IMF guidelines, the currency has been devalued by 20% as of January 2009 and the fiscal policies have been tightened. This will result in slower yet formidable move towards increasing Belarus international presence. With literacy as high as 99.8%, the workforce too seems to be adept at spurring economical growth.

The workforce has, therefore, been best absorbed by the service sector, where knowledge based products have become the highlight. The sector employs almost 52% of the work force, followed by industries, which employ around 35% of the workforce. Agriculture employs 14% of the workforce.

 


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