Belarus has once again entered rough economic waters. In 2015, economic growth will likely be absent (Naviny.by, February 5). In January 2015, industrial output equaled just 93.8 percent of that in January 2014. All processing industries shrank except for chemicals, oil refining, potassium and pharmaceuticals. Inflation this year will likely reach 18 percent (Infofocus, IISEPS, February 2015). Average personal income in real terms (i.e., adjusted for inflation) has declined by 2.1 percent. Due to the devaluation of the Belarusian ruble, in January 2015, the average monthly salary was 32.7 percent lower than one year ago, having declined from $621 to …read more
Source: The Jamestown Foundation