The trap of low growth tempo: the factors and risks for Belarus

Since 2010, Belarus has experienced a significant deterioration in the dynamics of its gross domestic product. According to the IMF forecasts, in the following 6 years (2018-2023) the average growth rate of the Belarusian economy may become about 2.2%, which is lower in comparison with other countries of the region. As shows empirical research, the most important factors explaining the emergence of problems with economic growth include structure and diversification of exports, as well as productivity. The research considers these factors in relation to Belarus.