04 June 2021
02 November 2020
The weakening of external demand as a result of the COVID-19 pandemic, the fall in world oil prices and the lack of agreements on oil supplies from the Russian Federation in the first quarter led to a contraction of the Belarusian economy in the first half of 2020. Economic growth was supported by gross capital accumulation as a result of a significant increase in inventory of finished products, and, to a lesser extent, domestic demand, supported by an administrative increase in wages. Changes in consumer behavior during the pandemic and increased administrative control over prices affected the decline in inflation for the first half of the year, which allowed the monetary authorities to somewhat soften monetary policy in order to stimulate economic activity.
16 June 2020
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