Recent Economic Developments
The Belarusian economy is in recession with real output contracting for the first time since 1995 due to weak external and domestic demand.
Labor market outcomes worsened with the recession.
Inflation is declining, due to adoption of a base-money targeting regime.
Current account deficit is narrowing due to the recession and macroeconomic adjustment, but significant external financing is required to meet large foreign debt repayment needs.