Yaraslau Ramanchuk: «I don’t say our economy will wreck tomorrow, but in a year…»

The ministry of statistics and analyses has counted that in January – August 459 industrial enterprises in Belarus operated at a loss, it compiles 21.1.% of their total number. Famous economist Jaraslau Ramanchuk thinks there are no less than 50% of the unprofitable enterprises.

It depends on what and under what criteria is considered to be unprofitable, - Jaraslau Ramanchuk comments the data of the official statistics in the interview to “Belarusski Partizan”. – If to those 21.1% of the official unprofitable enterprises add those ones with practically zero profitability, or with the profitability under 5%, we get 40-45% of the industry, operating at a loss or almost at a loss. I don’t say our economy will wreck tomorrow or the day after tomorrow or a default breaks out. I think it won’t happen within a year. Though our economy will have to work in far more difficult conditions, than now, because of new prices for energy supplies from Russian.

There another thing is important. Our government is doing nothing to solve the problem of the unprofitable enterprises. I personally don’t’ know any example of the effective reorganization of a bankrupt plant. In best case they just settle privileges or pull the plug on concurrent companies by high import duties, as it was for example with “Gomselmash” or Hrodna Tobacco factory. But it is not the way out of the situation.

Besides, nobody knows in our country how much is spent on the support of the inefficient production in industry and agriculture. It depresses most of all. Because if one doesn’t know his or her expenses, will finally find oneself without incomes.

According to the economist, no less than 10% of GDP is spent on bankrupt or half- bankrupt enterprises, it compiles about USD 4 billions. “Now you think whether our state can afford it at the moment” – Yaraslau Ramanchuk concluded.