Republic of Belarus: 2007 Article IV Consultation-Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Belarus

Volume/Issue: Volume 2007 Issue 310
Publication date: September 2007
ISBN: 9781451805277
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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , inflation pressure , deficit , monetary policy guideline , staff appraisal , terms-of-trade gain , General government operation , Energy prices , Credit , Inflation , Eastern Europe , Global , Europe

Summary

This 2007 Article IV Consultation highlights that Belarus’s centralized economy grew rapidly over the past few years, enhancing social development. The state redistributed large and growing terms-of-trade gains stemming from favorable Russian energy pricing across the economy, boosting domestic demand. A new energy agreement, however, has abruptly reversed terms-of-trade gains. Belarus now pays Russia twice as much for gas supplies as in 2006 and a fifth more as a share of world market prices for crude oil. This resulted in an estimated loss of 5½ percent of GDP in 2007.