īetween 20, the national economy demonstrated steady and dynamic growth. Extreme tension within the foreign exchange market was the key factor that destabilized the economy in 19. This resulted primarily in a sharp increase in prices and the devaluation of the national currency, a decline in trade with Russia and other CIS countries, growth in inter-enterprise arrears, and overall deterioration of the country's balance of payments. The period between 19 was also characterised by significant financial distress, in particular in 19 as a result of the financial and economic crisis in Russia. Since the disintegration of the Soviet Union and under Lukashenko's leadership, Belarus has maintained government control over key industries and eschewed the large-scale privatizations seen in other former Soviet republics. Because of its role as a producer of products made from raw materials imported from the Soviet Union, Belarus was called "the Soviet assembly shop." Among the Soviet republics, it had an unusually high export rate of its products, about 80%, and was the most technologically advanced. In the 1980s, more than half of the industrial personnel of Belarus worked for enterprises with over 500 employees. Manufacturing became a pillar of its economy emphasising tractors, heavy trucks, oil processing, metal-cutting lathes, synthetic fibres, TV sets, semi-conductors and microchips. In the post-war years, Belarus industrialised and became an important trade hub between the Soviet Union and Europe. Belarus was absolutely devastated by the Second World War, it suffered the loss of about a quarter of its population and immense destruction of infrastructure. 4 International cooperation and treatiesīefore the October Revolution, Belarus was a relatively backward and underdeveloped country, heavily reliant on agriculture and with rural overpopulation.According to the United Nations Development Programme, the Gini coefficient (inequality indicator) is one of the lowest in Europe. The rate of doctors per capita is 40.7 per 10,000 inhabitants (the figure is 26.7 in Romania, 32 in Finland, 41.9 in Sweden) and the literacy rate is estimated at 99%. With an efficient health system, it has a very low infant-mortality rate of 2.9 (compared to 6.6 in Russia or 3.7 in the United Kingdom). īelarus is the world's 72nd-largest economy by GDP based on purchasing power parity (PPP), which in 2019 stood at $195 billion, or $20,900 per capita.Īs of 2018, Belarus ranks 53rd from 189 countries on the United Nations Human Development Index, and appeared in the group of states with "very high development". The highly centralised Belarusian economy emphasises full employment and a dominant public sector. As a post-Soviet transition economy, Belarus rejected most privatisation efforts in favour of retaining centralised political and economic controls by the state. The economy of Belarus is an upper-middle income mixed economy. Figures are inflation-adjusted to 2011 International dollars. Change in per capita GDP of Belarus, 1973–2018.
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