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08 September 2022, 15:29
Aleksei Avdonin

Domestic market is the main driver of economic growth under sanctions

Aleksei Avdonin
Aleksei Avdonin
Analyst of the Belarusian Institute of Strategic Research (BISR)

Domestic market is the main driver of economic growth under sanctions, Aleksei Avdonin, political expert, an analyst with the Belarusian Institute of Strategic Research (BISR), said on the sidelines of the Trade Dialogue international forum in Minsk, BelTA has learned.

“We see the painstaking work of the Antimonopoly Regulation and Trade Ministry to maximize the share of domestic products on our market. Under the conditions of sanctions, the domestic market is the main driver of economic growth. The market should be supported through appropriate legislation and active work of the ministry. We see the results of this work at today's event. One of the most important outcomes of the efforts is that manufacturers feel more confident on the market. Trade tries to accommodate the interests of consumers and market participants,” the political expert said.

According to him, Belarus produces a huge amount of products. These products are popular. “We should keep in mind that almost 680,000 people work in trade. Trade generates about 8.7% of GDP. This is a significant economic sector and it should remain in close focus, and this is what the Antimonopoly Regulation and Trade Ministry is doing,” the analyst noted.

The Trade Dialogue international forum is taking place in Minsk on 8 September. The speakers will discuss efforts to accommodate the interests of manufacturers and trade, as well as development prospects of the domestic consumer market and import substitution.

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