The internal market is the main driver of economic growth under sanctions


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MINSK, Sept. 8 (BelTA) — The internal market is the main engine of economic growth under sanctions, said Aleksei Avdonin, political scientist, analyst at the Belarusian Institute for Strategic Research (BISR), on the sidelines of the international Trade Dialogue forum in Minsk, BelTA learned.

“We see the painstaking work of the Ministry of Antimonopoly Regulation and Trade to maximize the share of domestic products in our market. Under the conditions of the sanctions, the internal market is the main driver of economic growth. The market should be supported by appropriate legislation and active ministry work. We see the results of that work at today’s event. One of the most important results of these efforts is that manufacturers feel more confident in the market. Trade tries to respond to the interests of consumers and market players,” the policy expert said.

According to him, Belarus produces a huge amount of products. These products are popular. “You have to keep in mind that nearly 680,000 people work in retail. Trade generates about 8.7% of GDP. This is an important economic sector and it should remain closely monitored, and this is what the Ministry of Antimonopoly Regulation and Commerce is doing,” the analyst noted.

The international trade dialogue forum takes place in Minsk on September 8. Speakers will discuss efforts to address manufacturing and trade interests, as well as prospects for domestic consumer market development and import substitution.


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