State regulation of structural transformations in the Republic of Belarus: evolution of approaches, risk assessment and prospects
Rozhkovskaya E.A.1
1 Белорусский государственный экономический университет, Belarus
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Journal paper
Economic security (РИНЦ, ВАК)
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Volume 6, Number 3 (July-september 2023)
Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=54303012
Abstract:
The article is devoted to the problems of state regulation of structural transformations in the Republic of Belarus. The main methodological approaches to the state regulation of structural changes are considered; the basic principles of their practical application are substantiated. Based on the empirical data, periods that differ in terms of approaches to state regulation of structural transformations of the Belarusian economy, the tools used and the direction of economic policy are particularized.
Within the framework of the proposed periodization, an assessment of the intensity of structural shifts under various types of economic policy was carried out.
With the strengthening of administrative methods of state regulation, the speed and intensity of structural shifts decreased. Even while maintaining a significant role of the state in the economy, the strengthening of market mechanisms, primarily free pricing, contributes to progressive structural changes due to the convergence of price proportions in the national economy and the economic systems of developed countries. The challenges and threats of the current stage of structural transformation in the conditions of increasing sanctions pressure and external restrictions are considered.
These challenges and threats include the risk of simplifying the structure of the economy and reducing economic complexity, increasing dependence on traditional industries with low added value, and the collapse of fast-growing promising sectors. The features and limitations of state regulation of structural changes at the present stage are analyzed.
Keywords: state regulation, structural reforms, Belarusian economy, structural policy, market mechanisms, shifts' intensity, structural transformation
JEL-classification: O11, O21, P21
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