Belarus Progresses In Innovations And Technology, According To Knowledge Economy Index

Belarus keeps strengthening its position in the development of the skills, technology and infrastructure, but still has a lot to work on.

The European Bank for Reconstruction and Development (EBRD) published a new Knowledge Economy (KE) Index.

Knowledge Economy belarus innovations

It measures the performance of the 38 economies and provides the new data on countries’ progress of the skills, technology and infrastructure.

The top performers of the ranking are Estonia, Slovenia and Lithuania. Latvia, Poland, Croatia, Slovakia and Hungary make the top 10.

The worst performing countries in emerging Europe are Bosnia and Herzegovina (29th) and Kosovo, which is ranked 35th.

What about Belarus?

Belarus was particularly praised for the government’s recent steps to improve the innovation climate, is in 11th. The country is at the intermediate level of knowledge-economy development.

Knowledge Economy belarus innovations

Alongside Kazakhstan and Uzbekistan, it made the most progress on institutions for innovation between 2011 and 2018. The improvements were mostly driven by better business environments and greater economic openness.

The EBRD provided the first loans to Belarus for business and environment totaling about €160 million. This is the largest loan provided by the EBRD in Belarus to date and the first one signed by the EIB.

Besides, Belarus recently climbed up to the 37th position in the World Bank Doing Business 2019 report. It left behind such countries as Switzerland, Japan, and China.

The initiative is profitable for both sides, it helps countries identify their innovation strengths and weaknesses and provide guidance to policymakers and investors.