Economy In Freefall

H115 data shows no let up in Belarus' ongoing economic crisis. Industrial production, fixed investment and real wages all posted significant y-o-y contractions. Wage arrears have ballooned, posing an upside risk to our inflation forecasts if the central bank begins printing money to fulfil SOEs' payroll requirements. Data released by the Belarusian National Statistics Committee for H115 continues to point towards a significant economic contraction this year. The Belarusian economy is...

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