Bankruptcies on the rise in Belarus

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April 22, 2016 19:38

As of November 1st, 2015, there were 63 bankruptcy cases in the economic courts of Belarus relating to enterprises crucial to the social and economic development of the country. In October, four more cases have been initiated. Bankruptcies among public and private enterprises will persist, enterprises with chronic wage arrears will be prompted to go bankrupt by the local authorities. This process will be followed by growing layoffs due to the closure of enterprises, and an increased need for retraining of workers. The lack of jobs in small communities will lead to increased internal labour migration and new businesses in depressed regions will not have difficulties with recruitment.

Recent trends