MINSK, 22 January (BelTA) - Belarus has managed to achieve outstanding economic results despite the sanctions imposed on the country, reads a report by the International Institute for Middle East and Balkan Studies (IFIMES, Slovenia), BelTA learned.
In the run-up to the presidential election in Belarus, IFIMES published an analytical report outlining the economic and geopolitical challenges that Belarus has had to face in recent years.
Speaking about the economy, IFIMES notes that Belarus was able to adapt perfectly and demonstrate sustainable growth. An example of such adaptation is the situation when, due to sanctions, Belarus was cut off from the Klaipeda port in Lithuania, which was of great importance for the Belarusian economy in terms of logistics. Nevertheless, Minsk quickly found a way out. Belarus built logistical routes through Russian ports. And even more - it started building its own ports in Russia.
“Despite all sanctions and attempts to hinder its development, Belarus has achieved remarkable economic results. According to the Vienna Institute for International Economic Studies (WIIW), Belarus's economy has performed well compared to some Eastern European nations,” the IFIMES analysis says.
In 2022, Belarus recorded a significantly higher GDP per capita in purchasing power parity (PPP): €14,520, compared to Ukraine’s €9,030 and Moldova’s €9,860.
From 1996 to 2010, Belarus enjoyed 15 consecutive years of economic growth at an average annual rate of nearly 7%, even avoiding a GDP contraction in 2009 despite the global recession.
After the introduction of severe Western sanctions, the country’s GDP continued to grow. IFIMES cites statistics for 2023. “By all accounts, in 2023, Belarus's economy exceeded expectations, delivering results far better than most analysts had predicted. GDP grew by 2% in the first half of the year compared to 2022, with the recovery gaining further momentum... The performance in 2023 highlights a remarkable level of resilience and adjustment to the new hostile economic environment and numerous sanctions,” the report said.
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