The Fifth Annual International Conference in Economics and Finance

The Fifth Annual International Conference in Economics and Finance

The Fifth Annual International Conference in Economics and Finance

The Fifth Annual International Conference in Economics and Finance

In an attempt to fixate and extend the effects of currency devaluation, the Belarusian government and the National Bank have chosen internal devaluation as its leading policy. Internal devaluation means lower incomes and a more prudent fiscal and monetary policy will follow. But can internal devaluation serve as an alternative to structural reforms in Belarus? And, most importantly, can the authorities truly commit to tightening up their policies in presidential election year and facing threats of unemployment?

Belarus is reeling from the effects of the wobbling oil price and Western-imposed sanctions on Russia. The economy is now paying for the absence of liberal reforms through a decrease in manufacturing, the depreciation of the national currency and the need for budget cuts. The lack of good economic and political news suggests that the recovery will take a long time. But approaching the bottom provides an opportunity to fix bad economic policies and to build a new economic structure using innovative technologies.