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04 November 2022, 10:11

Opinion: State-regulated economy is most resilient amidst global turbulence

MINSK, 4 November (BelTA) – The government-regulated economy is the kind of economic model that proves to be the most resilient in the times of global turbulence, Chief Academic Secretary of the National Academy of Sciences of Belarus Vasily Gursky said at a press briefing on the Belarusian socio-economic development model, BelTA has learned.

According to Vasily Gursky, the world economy is witnessing an increasing number of conflicts in international economic relations. “The world centers of power have clashed with each other and many economic ties are being broken. This, of course, creates new challenges and threats for all types of socio-economic systems. The economy regulated by the state turns out to be much more flexible and stable than other economic models in the face of such global turbulence. Our state supports households, actively promotes domestic producers, stimulates exports and import substitution. This helps the economy to quickly adapt to the changes that are now taking place in other countries,” he explained.

The expert emphasized that a pure market economy is nowhere to be found now, even in the countries where it originated. “It looks like in the United States or in European countries, market power has long passed to international corporations that monopolize markets and dictate their terms. What is happening now in the world economy vividly shows that even those countries that advocate and actively promote liberal market values, in fact, found themselves on the receiving end of external regulation. The measures taken there are completely inconsistent with the ideology they preach. Let's take the ban on trade with Belarus and Russia. Is this a market economy position? All enterprises and organizations that would benefit from cooperation with us were forced to discontinue their trade and economic relations with our countries within days under the pressure of external threats, and they are now suffering losses, but nevertheless they cannot go against what they are told to do,” the economist said.

Economic stability is maintained through tougher state regulation and social responsibility of each person, Vasily Gursky believes. “Order and discipline can challenge the chaos that is now being sowed by many countries in the global economy and in individual states,” he concluded.

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