This paper shows that the pension system of Belarus must be reformed and proposes the most effective reforms among all available alternatives.

This paper analyzes the main stages, causes and consequences of the economic crisis in Finland in 1990-1993. Financial deregulation in the 1970s and 80s has created conditions for credit expansion, growth of asset prices, short-term capital inflow, and expansion of domestic credit and currency speculations. The economic crisis was marked by rising real interest rates, falling asset prices, overall financial instability that has led to a significant increase of the budget deficit and unemployment in Finland.

The paper analyses the Swedish experience to overcome the economic and financial crisis of the 90s. The article highlights the main preconditions and factors that contributed to the development of the crisis. Special attention is given to consideration of nature of the Swedish crisis. The problems of some industries together with compulsory destabilizing factors led to economic and financial crises. Erupted full-blown economic crisis of Sweden required an effective and complex system of anticrisis measures. As a result, the adopted program of economic activities, which included innovations in banking, currency and budgetary spheres, allowed quickly overcome the main negative tendencies in the economy.

This paper analyses the prerequisites, milestones and consequences of the economic crisis in Ireland in 2008-2013. Economic growth of the Celtic Tiger in 1987-2007 was accompanied by increasing wages and low credit rates, which ultimately led to the economic overheating. The debt crisis in Europe worsened Ireland’s situation and raised the scale of financial and economic crisis showed in a form of mortgage, fiscal and banking crisis as well as rising unemployment and immigration.

Weak potential growth has sustained as the key challenge for Belarusian economy. In 2014, there has not been any substantial progress in this field, although the government declared a start in a preparatory stage for structural reforms. In current macroeconomic policy, the regime of exchange rate targeting has been preserved as the core element.

The development of a private sector and the expansion of its role in the economy is one of the key goals repeatedly announced by the Belarusian authorities. The reforms carried out in Belarus in 2006-2014 moved the country from 106th to 57th position in the World Bank Doing Business ranking. The official statement is that reforms boosted the rapid development of business initiatives and its impact on economic development.