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Russian economist: economies of Belarus and Russia coped with the impact of sanctions better than forecasted

Look beyond the planning horizons

A meeting of Belarusian experts with Alexander Auzan, an outstanding Russian economist, took place in Minsk. The event was organized by the Belarusian Institute of Strategic Research. The meeting participants discussed the issues of improving the economic policy of states, the impact of socio-cultural aspects on it, directions of transformation of the economic model.


Deputy Head of the Presidential Administration Maxim Ermolovich told reporters after the meeting that Belarus is interested in foreign experience in improving economic management institutions:

— Countries differ from each other, institutions work in different ways. To understand how and what will work in Belarus, it is necessary to conduct in-depth research, to form a scientifically based model of an effective system. Life is changing, there are global, regional trends. There is a digitalization of all spheres. A certain evolution is also needed in institutions. Some areas should be supported, others should be subjected to stricter regulation.

According to Maxim Ermolovich, Belarus and Russia are going through an important, crucial stage of development. The future of the countries will depend on the decisions taken now. Therefore, it is important to evaluate existing institutions in order to achieve greater efficiency in the future.

— Any expert opinion is important and useful. And even more so such an eminent economist as Alexander Auzan. The main topic of the conversation is the Belarusian model, how it looks in comparison with other countries, what are its advantages and disadvantages, what risks may arise in the long term. We had an interesting discussion. This is an attempt to look beyond the planning horizons", Maxim Ermolovich said.

In the interview with journalists Alexander Auzan expressed the opinion that economies of Belarus and Russia coped with the impact of sanctions better than forecasted:

— Economists forecasted a significant decline under the pressure of sanctions, but the economies coped well. There is merit in this from central banks and governments. But enterprises and businesses took the brunt of the reversal. For Russia, the conclusion was that the market economy is working. It wasn't obvious until the ordeal began.

At the same time, he believes that it is too early to sum up the results. There will be new difficulties. The main danger of sanctions is not in export-import, assortment, but in access to high technologies. Alexander Auzan said about the joint work in the microelectronic industry:

— Belarus and Russia have no other option but to cooperate. We need to get working, relatively fast microprocessors. I think they will definitely be manufactured. It is not a fact that they are very good from the global competitiveness viewpoint. Almost certainly, they'll be expensive and not very economical. But they will allow to save critical systems. We can do it. How successful — we'll see.

The scientist believes that the main value of Belarus and Russia is people:

— In our countries, the human potential has always been higher than the state of many industries and institutions. We keep hoping for high-tech development and economic results.

According to Alexander Auzan, the Belarusian model of economy has its advantages. The country has achieved success in the development of the IT sector, mechanical engineering.