Belarus' Magic Oil Economy
Originally published at Belarus Digest. Please leave any comments there.
The Belarusian Statistics Agency reported about a fantastic growth of exports in January-February 2012. Compared to the same period last year, the country’s exports grew by impressive 62,5%.
The official propaganda trumpeted that Belarus has successfully overcome all the economic troubles that hit the country in 2011.
However, the reality looks less euphoric. The breakthrough in foreign trade is not a result of a particularly wise economic policy or an overarching reform strategy. Securing cheap Russian oil supplies and selling oil products to the West remains the backbone of the Belarusian economy. Exports of other goods remain unimpressive.
The Origins of the Belarusian Oil Offshore
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