Belarus in the global economic space

After Belarus gained independence, problems arose with the entry of the Belarusian economy into the global economic system. This has started to attract a lot of attention from both Belarusian and foreign researchers. This problem has been analyzed for a long time, but there are still many unresolved issues.
The process of integrating the Belarusian economy into the global economy largely depends on the success of the economic reforms carried out.
The development of the introduction of Belarusian enterprises into Western markets is slowed down by the low competitiveness of products. However, the products are quite competitive in the Russian, Kazakh and Ukrainian markets. And this is despite the fact that Belarus does not have its own raw materials and energy resources.
At the current stage, Belarusian enterprises exist in isolation and are not integrated into the production and technological chains of the east and west.
This is due to the fact that Belarus has few financial resources of its own to equip its enterprises at the global market level. Most of the organizations in Belarus are not doing well after applying international efficiency standards, compared to enterprises in countries with developed market economies.
The Belarusian economic model is designed in such a way that external borrowings are the main source of finance for economic growth. In an attempt to protect its enterprises from competition from Western manufacturers, Belarus allowed foreign capital into its territory in the form of credit loans. Until now, the policy of "self-reliance" has been carried out on the territory of Belarus. However, the quality of economic growth did not improve. Belarusian enterprises that were insufficiently reformed gradually began to lose their positions in foreign markets. The number of countries to which Belarusian goods are exported and the share of goods in the markets of these countries have decreased. As a result, it became clear that the Belarusian economy lacks prospects for its development in the world price regime, provided that the current model remains in place. This was the reason for the creation of the customs union with Kazakhstan and Russia. For Belarus, joining the customs union is seen as a bet for the future, based on the creation of a single economic space.
If we objectively assess the country's external problems, it should be noted that in order to stay afloat in the developing world, Belarus needs structural economic reforms, such as closing enterprises that destroy rather than add to public wealth, and replacing them with new efficient enterprises. Since Belarus has
limited own resources and has exhausted the possibilities of external lending, it is forced to attract external financial resources on a new basis – by introducing Belarusian enterprises into the production and technological chains of global producers, attracting foreign investors.
Thus, as a result of the prevailing features of the Belarusian economy and the lack of valid prerequisites for entering the European market, the customs union may become a necessary stage for the development of the Belarusian economy in the global space. 1xbet Casino - New players can get a welcome bonus of up to €1500 + 150 Free Spins at 1xbet Casino, and by using the promo code for 1xbet for registration of account, users will enjoy access to many other daily and weekly offers like day specific deposit bonuses or casino tournaments. The casino at 1Xbet is split into Slots and Live Casino sections. The slots area features a multitude of games gathered from over 45 software providers like Microgaming, Nextgen Gaming, Rival, Quickspin, Evoplay just to name a few.