Macroeconomic Forecast Belarus

The official unemployment rate came in at 0.9% (42,300 people) at the end of August, down from 47,600 people at end-August 2007. This is broadly on track to meet our end-year target of 1.1%, given that we expect given that we expect economic activity to slow throughout the remainder of the year. We caution, however, that official figures probably substantially underplay the exact level of labour market involvement in Belarus, given inactivity, the large grey economy, and possible under-reporting.

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