@Belarus:Economy
Overview: Belarus ranks among the most developed of the former Soviet states, with a relatively modern - by Soviet standards - and diverse machine building sector and a robust agriculture sector. It also serves as a transport link for Russian oil exports to the Baltic states and Eastern and Western Europe. The breakup of the Soviet Union and its command economy has resulted in a sharp economic contraction as traditional trade ties have collapsed. The Belarusian government has lagged behind the governments of most other former Soviet states in economic reform, with privatization almost nonexistent. The system of state orders and distribution persists. In mid-1994, the Belarusian government embarked on an austerity program with IMF support to slash state credits and consumer subsidies in order to bring down the budget deficit and reduce inflation. However, despite its promising start, the regime's drive to reinvigorate the economy has fallen short, and the IMF has criticized its failure to implement the reforms that the Fund had negotiated. As a result, the IMF has suspended talks on introducing a stand-by arrangement. Economic relations with Russia, which will have an important bearing on the future course of the economy, will be strengthened if Minsk adopts the necessary legislation to implement a customs union agreed to in January 1995.
National product: GDP - purchasing power parity - $53.4 billion (1994 estimate as extrapolated from World Bank estimate for 1992)
National product real growth rate: -20% (1994)
National product per capita: $5,130 (1994 est.)
Inflation rate (consumer prices): 29% per month (1994)
Unemployment rate: 1.4% officially registered unemployed (December 1993); large numbers of underemployed workers
Budget: revenues: $NA expenditures: $NA, including capital expenditures of $NA
Exports: $968 million to outside of the FSU countries (f.o.b., 1994)
commodities: machinery and transport equipment, chemicals, foodstuffs
partners: Russia, Ukraine, Poland, Bulgaria
Imports: $534 million from outside the FSU countries (c.i.f., 1994)
commodities: fuel, natural gas, industrial raw materials, textiles,
sugar
partners: Russia, Ukraine, Poland