Consistent macroeconomic policies and deep structural reforms are urgently needed to stabilize the economy in
In the first nine months of 2013,
“Implementing coherent macroeconomic policies is critical for curbing inflationary pressures, containing external imbalances, and avoiding recurring macroeconomic crises,”— says Qimiao Fan, World Bank Country Director for Belarus, Moldova and Ukraine.
The World Bank also pointed out that macroeconomic imbalances have deep structural roots in in
Structural reforms should aim to reorient the current state-led growth model to a productivity-driven growth model, the experts emphasize. This could be achieved by strengthening market incentives and by creating a better investment climate for all businesses. A comprehensive reform program should also include price liberalization, restructuring of state owned enterprises, transparent privatization, and creation of a robust, market-driven financial sector.
“Structural reforms are key to addressing the underlying causes of macroeconomic instability and kick starting growth in a sustainable way. They are also important for preserving the excellent gains made by Belarus on its social outcomes,” stresses Qimiao Fan. “The World Bank Group stands ready to support Belarus in designing and implementing comprehensive structural reforms.”
The current World Bank investment lending portfolio in
Belsat, following worldbank.org