Belarus

After seven decades as part of the Soviet Union, Belarus reclaimed its sovereignty in 1991. Still, it remains characterized by an authoritarian regime and a centralized economic system, and maintains strong political and economic ties with Russia. Following Belarus’ support of Russia’s full-scale invasion of Ukraine in February 2022, the European Union imposed sanctions, many international firms and investors left the country, and trade declined sharply. Even before then, however, corruption, lack of judicial independence and bureaucratic hurdles were significant deterrents to attracting foreign capital.

Despite a well-trained and skilled workforce, low inequality and poverty rates, and a large industrial and agricultural sector with potential in a wide range of industries, economic growth and business initiatives are hampered by state interference in the economy, outdated infrastructure and limited economic diversification and exports.