Macroeconomic Forecast Belarus

While Belarus' current account deficit came in at US$1.92bn in the second quarter of the year, significantly up on the US$1.26bn recorded in Q110, we hold to our forecast that a correction in the balance of payments is due over the medium term. Indeed, given the ending of the country's Stand-By Arrangement with the IMF in March, the limits of external financing for the foreseeable future will see to it that the current account deficit narrows to 9.0% of GDP this year, down from 11.8% in 2009.

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