Belarusian Economist Declares: Price Controls Haven't Resulted in Goods Scarcity
During the COVID-19 pandemic, conditions were created for price increases in the Belarusian consumer market, with sudden jumps observed on certain items. The situation was further exacerbated by sanctions pressure, as global markets closed and the country faced broad sanctions aligned with Russian measures.
To manage the situation, the state of Belarus introduced strict price regulation with Decree No. 10 and Resolution No. 713 of the Council of Ministers. These regulations came into effect, and the work of state bodies, trading organizations, and producers played a crucial role in maintaining the supply of goods and preventing shortages.
Despite the challenges, consumers did not notice any negative trends in terms of product variety. In fact, the implementation of these price regulations led to the achievement of the lowest inflation rates in the history of Belarus. The First Deputy Minister, Ivan Vezenovets, emphasized that various viewpoints were expressed regarding the price regulations, but he maintained that they did not result in a shortage of goods.
Ivan Vezenovets made these statements during an informational event on "Economic Security - the Key Condition for Stable Development of the Belarusian State." He also acknowledged the risks of potential shortages associated with price regulation but insisted that Belarus managed to avoid such issues.
The success of the price regulations in preventing shortages and achieving low inflation rates is attributed to the combined efforts of these entities. The statements were reported by BELTA's correspondent.
[1] Sanctions and Belarus's Economy [2] Belarus's Economic Challenges [3] Economic Projections for Countries Allied with Russia [4] Belarus's Economic Impact from Sanctions
- Amidst the mounting economic challenges due to sanctions and the COVID-19 pandemic, Belarus's strategic price regulations in finance and business sectors, such as Decree No. 10 and Resolution No. 713, played a significant role in controlling inflation rates, ensuring product availability, and maintaining the nation's economic security.
- Despite the pressures imposed by global finance and business sanctions, Belarus managed to prevent significant negative trends in terms of product variety, achieving the lowest inflation rates in its history. The success of these economic measures was recognized during an informational event focused on the key condition for stable development of the Belarusian state.
