On May 25-27, 2022, Alexander Gotovsky, Deputy Director for Science at the Institute of Economics of NAS of Belarus, at the invitation of the National Bank of the Republic of Belarus, held a face-to-face workshop for its employees

The seminar was devoted to training the employees of the National Bank of the Republic of Belarus on the developed methodology for quantitative analysis of the impact of domestic demand on the sectoral dynamics of the real sector of the economy, economic growth and foreign exchange flows.

The seminar was attended by heads of structural divisions of the National Bank of the Republic of Belarus at the level of deputy heads of departments and leading specialists of the Research and Strategic Development Department, the Monetary Policy Department, the Forecasting Department, and the Financial Stability Department.

During the first day, the basic modeling tools of the Input-Output tables, their composition and features of statistical data for the Republic of Belarus and the Russian Federation were considered in detail.

The second day was devoted to the consideration of the developed methodology and the corresponding model tools, which make it possible to trace the sale of which products and in which domestic and foreign markets the value added of the sectors of the Belarusian economy, GDP, net export earnings and import flows are formed, to carry out calculations in dynamics based on real indicators, including highlighting the contribution of import substitution to economic growth.

On the third day, practical issues of using the developed methodology and calculation analytical forms for analyzing and forecasting the impact of sanctions on foreign trade and the country’s GDP, tracking the spread of negative impulses along intersectoral production chains, substantiating measures to ensure the balancing of tasks in terms of economic growth and financial sustainability were discussed.

The issues of possible further directions for the development of the tools, forms of cooperation with the National Bank of the Republic of Belarus were also discussed.