section_path: Presidency/Domestic policy/Economy
section_name: Economy
paragraph_text: Economy
  
  Lukashenko's early economic policies aimed to prevent issues that occurred in other post-Soviet states, such as the establishment of oligarchic structures and mass unemployment. The unemployment rate for the country at the end of 2011 was at 0.6% of the population (of 6.86 million eligible workers), a decrease from 1995, when unemployment was 2.9% with a working-eligible population of 5.24 million. The per-capita gross national income rose from US$1,423 in 1993 to US$5,830 at the end of 2011.
  
  One major economic issue Lukashenko faced throughout his presidency was the value of the Belarusian ruble. For a time it was pegged to major foreign currencies, such as the euro, US dollar and the Russian ruble in order to maintain the stability of the Belarusian ruble. Yet, the currency has experienced several periods of devaluation. A major devaluation took place in 2011 after the government announced that average salaries would increase to US$500. The 2011 devaluation was the largest on record for the past twenty years according to the World Bank.
  
  Belarus also had to seek a bailout from international sources and, although it has received loans from China, loans from the IMF and other agencies depend on how Belarus reforms its economy.
  
  Some critics of Lukashenko, including the opposition group Zubr, use the term Lukashism to refer to the political and economic system Lukashenko has implemented in Belarus. The term is also used more broadly to refer to an authoritarian ideology based on a cult of his personality and nostalgia for Soviet times among certain groups in Belarus. The US Congress sought to aid the opposition groups by passing the Belarus Democracy Act of 2004 to introduce sanctions against Lukashenko's government and provide financial and other support to the opposition.
  
  Lukashenko supporters argue that his rule spared Belarus the turmoil that beset many other former Soviet countries. Lukashenko commented on the criticism of him by saying: "I've been hearing these accusations for over 10 years and we have got used to it. We are not going to answer them. I want to come from the premise that the elections in Belarus are held for ourselves. I am sure that it is the Belarusian people who are the masters in our state."
  
  Global Finance magazine listed Belarus as the 115th poorest country in the world in 2024.