Macroeconomic policy after the monetary crisis: challenges and prospects

This paper focuses on economic policy in Belarus in the aftermath of the currency crisis of 2011. It shows that, along with the prerequisites for an enabling policy and there was a serious obstacle - the high and volatile inflation expectations. This predetermined the choice of authorities' economic policy in favor of stabilisation growth in the first half of 2012. During this period the economy grew due to external demand, which was necessary to strengthen the macroeconomic equilibrium. A positive shock as a result of export of solvents and diluents played an important role in that period. It helped to ensure the growth of GDP in the first half of the year and provided conditions for catch-up growth in domestic demand.