Belarusian Economy

Belarus is a country with a resilient economy and diversified industrial profile. Despite a lack of natural resources, the Chernobyl accident (1986), and the economic crisis the country had to overcome after the breakup of the USSR (1991), Belarus has recorded substantial economic growth. The Belarusian Government pursues the strategy of cautious reform with great concern for social welfare and stability, which is called a socially oriented market economy. The task of the Government is to implement smooth transition from the command to market economy, providing social support to vulnerable population groups. Since the late 1990–s, Belarus has attained progress in economic reform and stabilization. The country avoided the shut down of its major industrial enterprises and retained one of the highest standards of living in former Soviet Union.

Trade, services, and the industrial sector are the main sources of the country's economic development. In 2006, the industrial production amounted to 27.6 percent of GDP, catering and trade to 10.3 percent, transport and communications to 9.2 percent, construction to 7.9 percent, and agriculture to 7.5 percent of GDP. (Belarusian Ministry of Statistics and Analysis , 2007 ). Belarus' share of exports in GDP is 61 percent, 46 percent of exported goods being industrial products (UN Human Development Report, 2007/2008 ). Our major exports are machinery, transport vehicles, chemicals, petrochemical products, fibers, fertilizers, and IT and transport services. Raw materials remain the main import, most coming from the Russian Federation. In addition, Belarus' imports include machinery, equipment, mineral products, metal products, and foodstuffs. Belarus' major trade partners are Russia (over 50% of foreign trade volume), Ukraine, Poland, Germany, Lithuania, and Latvia. At present, the Government takes measures to improve the competitiveness of Belarusian goods and achieve their expansion to the Western market.

About 100 major enterprises form the core of the Belarusian industry. Among Belarus' most powerful plants are the Minsk Automobile Plant (MAZ), the Minsk Tractor Plant (MTZ), "Atlant" (freezer and refrigerator plant), "Belaruskaliy" (the biggest producer of potassium fertilizers in the world), and oil refineries in Novopolotsk and Mozyr.

Belarusian agriculture specializes in animal farming (milk and meat products), flax, potato, grain and vegetable crops, sugar beets, rapes and fodder crops. Since independence, emphasis has been laid on grain production allowing Belarus to attain self–sufficiency and reduce reliance on expensive grain imports. Most of the land is still publicly or collectively owned. Although subsidized by the Government, the agricultural sector still needs substantial capital investment and working capital financing.

Belarus has sufficient economic potential and human resources to be a proper member of the world community and the Belarusian people strive to make their land prosperous and flourishing.

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