Publication: Belarusian economic growth decomposition
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2016-02-17
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Abstract
Belarus experienced rapid economic growth in the 2000's, which abruptly came to halt after 2008.
The authors found that the major source of growth was capital accumulation, while growth in
total factor productivity (TFP) was modest. Moreover, government interventions and controls
on the capital market contributed to misallocation which lowered aggregate productivity. Lack of
productivity growth led to the loss of competitiveness on the international markets. Comparisons
of TFP in Belarus with the Czech Republic and Sweden shows that comparative advantages of
Belarus are concentrated in the natural-resource based industries, and TFP gap with the Czech
Republic is not closing over time.
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Growth accounting, Aggregate productivity, Transition, Belarus