Expert: Belarus made a remarkable effort to address the economic problems arising from the covid-19 pandemic
15:48, 8 June
Photo: unsplash.com
Belarus has mitigated the economic consequences of the coronavirus pandemic and managed to leave behind some neighboring countries as a number of economic indicators suggest. Given reduced economic activity and world trade, Belarus worked hard to fill those niches with its own production. This opinion was expressed by the Belarusian political scientist Aleksey Belyaev in a video interview with the National Press Center of the Republic of Belarus, reports the Union State portal correspondent.
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“Belarus is a full-fledged participant of the world market. Therefore, our government kept a low profile. Belarus tried hard to mitigate potential economic problems. As a result, a number of our economic indicators did not fall so dramatically as our neighbours’ ones. It is primarily thanks to the fact that Belarus made an effort to fill those niches with its own production in response to reduced economic activity and world trade,” said Alexey Belyaev.
According to Alexei Belyaev, foodstuffs will always remain one of the most important issues for Belarus. Our country managed to increase food supplies to neighboring countries, which resulted in better export performance:
“Having provided food not only to ourselves, but also to neighboring countries, which are our trading partners, Belarus boosted foreign exports. Our country has managed to increase food supplies to neighboring countries. First of all, it is the Russian market. Moreover, supplies increased within the EEU. Belarus’s strategy was the willingness to work in food markets, as well as increase of its own production”.
As another growth vector, the expert notes an increased demand for a number of medical products:
“Medical masks, gloves, and a number of common antiviral drugs that relieve the symptoms were in short supply. However, we can see how quickly the Belarusian consumer goods industry crossed over to the goods in demand: a large number of enterprises switched to the production of masks. Here we can mention not only medical masks, but also pervasive protectives of different colors. It is a good example of a typical market reaction: when demand rises, a diverse supply increases as well. So now, when the Belarusian consumer goods industry is reducing the supply of clothing to the domestic and foreign markets, there is a substitution with medical masks and other similar-purpose products”.
The political scientist believes that the production of medicines will constantly grow.
“Today, there is a need to develop tests to diagnose the coronavirus infection. There is also a demand for vaccines, so relevant developments are in progress in our country as well. In general, this may become an area where we can increase our export of medical products,” said Alexey Belyaev.
There is no official border closure, which creates opportunities for Belarus in the tourism sector.
“We have not closed our borders. The tourism industry in the world is down. However, together with neighboring states, in particular with Russia, we have opportunities to visit our resorts and numerous agro-ecotourism facilities. Therefore, there is an “open field” where we are happy to welcome everyone,” Mr Belyaev said.
He also noted an upward trend in mutual trade with the countries Belarus had strained relations with previously.
“The USA has shown a certain increase in mutual trade. Although it does not reach such volumes as with our main partners – the Russian Federation, the EEU countries and a number of European countries, we see a significant increase in economic contacts. It is also a positive phenomenon for us,” noted Alexey Belyaev.
