A series of severe financial crises over the past decade has undermined the confidence of the Belarusian population in their domestic currency. The level of FX savings there is even higher than in Ukraine.
Belarus has benefited greatly from its strong economic ties with Russia, which at the same time have prevented it from pursuing fundamental market reforms.
The 2019 Economic Freedom Report by The Heritage Foundation shows that the world seems to be at a crossroads — it may continue on the path of economic freedom or it may return to hindered growth and development.
Recently international financial institution have not lend a lot of funds to Belarus. Chine sees it as a possibility and part of the One Belt One Road strategy.
Many experts only focus on the negative phenomena of the Belarusian economy, and ignore the positive signals, which have become clearer in recent years and are worth noting.
The functioning of the Belarusian economy under President Alexander Lukashenko's rule has already surprised many economic experts in Western Europe. Many of them have no idea how the country achieved a budget surplus, which in some sectors amounted to USD1.5bn.
The Belarusian budget may lose 20 per cent of its annual revenues as a result of the increases of the price of Russian oil. The Russian-Belarusian economic relations are unique in history, but may not last forever.
Lithuania plans to take a leading role in enhancing cooperation between China and Central and Southeast Europe (CSE) in the fintech sector.
The experts from the Economist Intelligence Unit are pointing out that the population of Central and Southeast Europe will decrease by nearly 34 million people over the next 33 years.
The European Bank for Reconstruction and Development believes that economies should search for a new model of growth that goes beyond the imitation and import of technologies. EBRD indicates three areas where new sources of growth should be sought.