31 March 2023, Friday, 0:38
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Economist: The Number Of Transfers Abroad Exceeded Those To Belarus For The First Time

Economist: The Number Of Transfers Abroad Exceeded Those To Belarus For The First Time

Previously, our country was a recipient of international transfers.

Economist Siarhei Chaly commented on the fall in the incomes of Belarusians this year. The Salidarnast new publisher provided the analysis.

‘I saw the opinions of economists from BEROC that, perhaps, this is a subsidence of income from entrepreneurial activity. I think there is some logic in this argument. If we consider the phenomenon of the developments after the price freeze.’

However, according to the analyst, this is not a sufficient explanation. One of the main reasons for the fall of the real incomes of the population. Chaly recalls the departure of IT specialists and skilled professionals from Belarus.

‘This is beginning to show up in macroeconomic statistics, not only in the number of employees and individual incomes but even in such unusual things as the balance sheets and the dynamics of cross-border money transfers.

Previously, Belarus has traditionally been a recipient of international transfers. That is, we had a large number of people working abroad who returned the money to the country by making international transfers. But now there are more transfers abroad than back. I think this is the first time this has happened.’

'Yes, people who have gone abroad still continue to support relatives in Belarus in one way or another. But at the same time, they are getting rid of property (real estate and cars) redirecting the money from the sale of this property abroad,’ Chaly notes.

'This suggests that people are starting to make decisions that the move will be for a long time,” says Chaly. 'Exactly the same way as the huge queues for an apostille testified to this when people certified their diplomas in order to find a job.'

'And when a job has already been found, a person decides how to get rid of the balance that he has left in the country. This, of course, is, in a certain sense, a judgment on the system: what was turned a blind eye actually undermines the basis of future economic growth.'