Zinchenko, R.A.

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516  with higher profits and sectors with higher productivity, maintaining competition, which in itself will im-prove the quality of goods produced and giving the private sector its own rights.  References 1. Shirov A.A. Development of the economy of the Republic of Belarus: opportunities and limitations, [Elec-tronic resource]. – Access mode: https://cyberleninka.ru/article/n/razvitie-ekonomiki-respubliki-belarus-vozmozhnostii-ogranicheniya/viewer/. – Access date: 29.03.2023 2. Kovalev, M. M. Modern financial theory and financial education, [Electronic resource]. – Access mode: http://safbd.ru/sites/default/files/finanseteoty_finanseobraz.pdf/. – Access date: 29.03.23   УДК 33 CURRENT ISSUES OF ECONOMIC AND FINANCIAL DEVELOPMENT  IN THE REPUBLIC OF BELARUS  R.A. Zinchenko, 3rd year Scientific supervisor – N.P. Bulanova, senior lecturer  Belarusian National Technical University  The Republic of Belarus is a country located in Eastern Europe, with a population of around 9.5 mil-lion people. Over the years, the country has faced numerous economic and financial challenges, ranging from inflation and currency devaluation to debt accumulation and limited foreign investment. In this es-say, we will explore the current issues of economic and financial development in the Republic of Belarus and their potential impact on the country's future.[1]    One of the most pressing issues facing the Republic of Belarus is its high level of debt. The country's external debt reached over $18 billion in 2020, accounting for around 39% of its GDP. As a result, the Belarusian government has been forced to borrow heavily from international lenders, including the Inter-national Monetary Fund (IMF), to finance its budget deficit. However, this has led to concerns about the country's ability to repay its debts, particularly as its economy continues to struggle.    One of the key issues facing Belarus is its dependence on Russia for energy and trade. The country relies heavily on Russia for its energy needs, and in 2020, the two countries failed to reach an agreement on oil prices, leading to a disruption in supplies. This disruption had a severe impact on Belarus's econo-my, which relies heavily on the petrochemical industry. Additionally, Belarus's trade with Russia ac-counts for a significant portion of its exports, and any disruption in this trade relationship could have a significant impact on the country's economy.[2]    Another challenge facing the Republic of Belarus is its limited foreign investment. Despite the coun-try's efforts to attract foreign investors, including the establishment of free economic zones and the intro-duction of investment-friendly policies, the level of foreign investment remains low. This is largely due to concerns about the country's political stability and the lack of transparency in its business environment. [3]    In addition to these issues, the Republic of Belarus is also facing significant inflationary pressures. In 2020, the country's inflation rate reached over 6%, driven by rising food prices and the devaluation of its currency, the Belarusian ruble. This has had a significant impact on the country's population, particu-larly those on low incomes, who have seen their purchasing power decrease as prices continue to rise.    To address these challenges, the Republic of Belarus needs to implement a range of economic and financial reforms. This could include measures to reduce its debt burden, such as increasing revenue through tax reform or cutting government spending. The government could also work to improve the country's business environment and increase transparency to attract more foreign investment.    Another potential solution is to strengthen the country's ties with its neighbors in the European Un-ion (EU). This could involve working to improve political relations and implementing economic reforms that align with EU standards. By doing so, the Republic of Belarus could benefit from increased trade and investment flows from its neighbors.[4]    In conclusion, the Republic of Belarus is facing significant economic and financial challenges that require urgent attention. The country's high level of debt, limited foreign investment, and inflationary 517  pressures are all contributing to a difficult economic environment. To address these challenges, the gov-ernment needs to implement a range.  References 1. Role of the financial markets [Electronic resource]. – Access mode: https://www.imf.org/external/pubs/ft/scr/1999/cr99143.pdf  2. Financial market tremds [Electronic resource]. - Access mode: https://www.europarl.europa.eu/RegData/etudes/STUD/2022/653663/EXPO_STU(2022)653663_EN.pdf 3. Financial crisis [Electronic resource]. - Access mode: https://www.oecd.org/financial/education/globalpartnerships/cis/Belarus-Roadmap-National-Strategy-for-Financial-Education-EN.pdf 4. Economy of Belarus [Electronic resource]. - Access mode: https://president.gov.by/en/belarus/economics                     УДК 330.101.3 TOPICAL ISSUES OF ECONOMIC AND FINANCIAL DEVELOPMENT  OF THE REPUBLIC OF BELARUS  A. Lesun, 1st year Scientific supervisor – N.P. Bulanova, senior lecturer Belarusian National Technical University  The Republic of Belarus is facing the global problem of a rational and reasonable approach to the economy and finances of the country as a single national complex based on the world economic system. The purpose of this paper is to study topical issues of economic and financial development of the Repub-lic of Belarus. In recent years, the Belarusian economy has been able to surprise many foreign and domestic experts by demonstrating good macroeconomic indicators, obtained primarily due to success in foreign trade. The Republic of Belarus was able to take advantage of the favorable economic environment and demonstrated significant growth in finances and foreign trade in goods and services.  But it is also important to consider that the growth in relative indicators was noted against the back-drop of a low base in 2021 and 2022, when, in addition to the impact of the pandemic and sanctions, Bel-arus faced the cessation of Russian oil supplies [1]. This indicates that, despite the wide range of exported goods, our foreign economic success and earn-ings depend on the sale of raw materials and oil refining, a significant amount of which is supplied to us by Russia. In the future, the growth of the price environment will contribute to the stabilization of trade outside the country. But the increase in consumer demand and the strengthening of the elements of buying and selling can weaken the factors of foreign trade. Sanctions and restrictive measures, which are constantly updated, may weaken or even block the commerce and sale of Belarusian products to foreign countries. At the same time, deferred import demand will strengthen and boost the foreign trade surplus. Also, for the development of the economy and finances, Belarus seeks to interact with other countries, including countries with more developed economies. To this end, the Republic of Belarus organizes stu-dent exchanges, arranges and participates in international conferences and exhibitions, develops innova-tions and inventions, which it shares with foreign countries, because strengthening ties with other coun-tries has a positive effect on any country as a whole [2]. As for finances, we can say that the financial system in the Republic of Belarus consists of structural elements that can be subject to external influence, so the issues of financial development are constantly changing. The development and improvement of the economic system and economic relations with for-eign countries, and especially with Russia, has a beneficial effect on the financial system. We believe that these changes should be implemented to improve the financial system and ensure the financial stability of the country [3]. Financial policy in the Republic of Belarus is managed by the state to regulate financial resources. For this, scientific methods for the development of finance are being developed, and the rational use of the country's capital is predicted. To meet the demand of the people, the Republic of Belarus is looking for 

Current issues of economic and financial development in the Republic of Belarus

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Current issues of economic and financial development in the Republic of Belarus

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