Belarus Economy Stuck At 1996 Level 11:17, 19/04/2002
In January-February 2002 the number of Belarusian companies operating at a loss rose to 47,5%, while the profitability level fell to 5%, BDG quotes expert of the Institute of privatization and management Elena Rakova as saying.
In her opinion, the situation reminds the year 1996. Strict fiscal and credit policy, along with the “stabilization” of the currency rate turned the Belarusian enterprises into almost “bankrupts”. “These days taxes in Russia are lower than in Belarus. As a result of high costs and, consequently, prices, we are less competitive or uncompetitive totally.”