The private sector should become the driver of the Belarusian economy's growth, BelTA learned from World Bank Country Director for Belarus, Moldova and Ukraine Satu Kahkonen during the KEF 2017 conference Foundations of the Future on 2 November.
The World Bank representative said that the private sector should become the main driver of economic growth in Belarus. To make it happen, the competition environment needs to be greatly improved by beefing up market components. Apart from that, business operation terms and the protection of investor's rights need improvement. “If there is something unpredicted about investments, nothing good will come out of it. It is true for any country,” said Satu Kahkonen.
She also mentioned the need to guarantee societal involvement. “It is your strong side now. It is necessary to protect people in times of economic transformation,” stressed Satu Kahkonen.
Satu Kahkonen mentioned that Belarus has a huge potential. “Belarus is home to very educated people. Infrastructure and engineering capabilities are well-developed. The geographical location is marvelous. It has all the makings of becoming one of the most developed and prosperous countries in Europe, if all the available opportunities are used,” she noted.