러시아ㆍ유라시아

The Belarusian economy is recovering after two years of recession, helped by a more favorable external environment, better policies, and stronger domestic demand conditions. Near-term external financing pressures have eased following energy and financing agreements with Russia and a Eurobond issuance. Although key macroeconomic and financial policy frameworks have improved somewhat, much work lies ahead to support the authorities’ ambitious economic objectives through 2020 without increasing imbalances, and to reduce vulnerabilities. External and public debt are high, medium-term financing needs are significant, and corporate and bank balance sheets are weak. Key structural reforms in the real sector are proceeding at a gradual pace amidst a desire to preserve the state’s strong role in the economy and support of the existing social system. Policy recommendations.