Economy and banks

Investment specialization of the regions of the Republic of Belarus: assessment and development directions

N.A. Matsukevich — Tue, 29 Jul 2025 00:00:00 +0300

The aim of the researchis to evaluate and develop proposals for the development of investment specialization in the regions of the Republic of Belarus inthe context of increasing regional investment activity.

Materials and methods. The study was conducted on the basis of official information sources of the National Statistical Committee of the Republic of Belarus. A systematic approach, general logical (analysis, synthesis, comparison, generalization, abstraction) and mathematical (statistical, visualization) methods of scientific research, methods of strategic and sectoral analysis, and economic modeling are applied.

Results. Based on the methodological approach to assessment structured by the author, the article analyzes the current investment specialization of the regions of the Republic of Belarus for 2021-2023 and identifies promising sectors of their investment specialization in the context of increasing regional investment activity.

Conclusion. The branches of the current investment specialization of the regions of the Republic of Belarus on a regional and national scale have been identified. In the two-criteria space of production and investment specializations, regional specialization maps are constructed and 4 groups of specialization branches are differentiated, taking into account their impact on investment activity and socio-economic development of the region. Based on a comprehensive analysis of the current investment specialization and assessment of the effectiveness of investments, promising areas for the development of investment specialization in the regions in the context of increasing their investment activity are proposed.

Integration of ESG principles into the management of organizations in Belarus

O.A. Zolotareva, P.D. Shinkevich — Tue, 29 Jul 2025 00:00:00 +0300

Integration of ESG principles into the management of organizations in Belarus

The aimis to study the process of integration of ESG-principles into the management of Belarusian organizations, to assess the benefits, risks and specifics of adaptation in the national context.

Materials and methods. The paper analyzes regulatory legal acts of the Republic of Belarus, cases of Belarusian companies (A1, MTS, Sber Bank). Statistical data (MSCI, UN, World Bank) were used.

Results. The stages of ESG-transformation of organizations were revealed. It is shown that companies with high ESG-ratings demonstrate growth of capitalization and risk reduction. Key barriers are identified: high cost of certification, staff shortage, fragmented legislation. Solutions for organizations and small businesses in Belarus are proposed: cluster projects, state support, focus on low-cost initiatives (energy efficiency).

Conclusion.ESG-transformation in Belarus is at the initial stage. Systemic implementation requires the development of “hybrid” models combining global standards and national specifics, creation of ESGclusters for sharing experience and technologies, strengthening the role of the state. Integration of ESGprinciples into business models of organizations isnot only a response to regulatory requirements, but also a strategic tool to increase competitiveness and profitability in the context of global challenges.

Keywords: ESG principles, sustainable development, corporate social responsibility, green finance, risk management, Belarus, ESG-transformation, Sustainable Development Goals (SDGs), greenwashing.

A study on the relationship between new urbanization and regional economy in the Yangtze river delta region

E.M. Karpenka, Heyi Zhang — Tue, 29 Jul 2025 00:00:00 +0300

Objective. To study the relationship and interdependence between new urbanization and regional economic development in the Yangtze River Delta region, and analyze its development trends and influencing factors.

Materials and methods. Based on panel data for the period 2013-2023 in the Yangtze River Delta region (Shanghai, Jiangsu, Zhejiang, Anhui), a system of assessment indices for new urbanization and regional economy was constructed. The entropy value method is used to determine the weight of the indices, and correlation and regression analysis is used to assess the relationship.

Results. The study shows that the relationship between new urbanization and regional economy in the Yangtze River Delta region has improved significantly, from an unbalanced state in 2013 to a coordinated state in 2023. Shanghai and Jiangsu Province have the highest degree of coordination (reaching 0.969 and 0.988 in 2023, respectively), Zhejiang Province shows significant growth, and Anhui Province is still in a moderate unbalanced state but growing rapidly. The acceleration after 2020 is closely related to the implementation of the Yangtze River Delta Regional Integration Development Plan.

Conclusion. The new urbanization in the Yangtze River Delta region and the regional economy have formed high-quality synergies, and the national strategy and local government have been effective. In the future, it is necessary to further optimize resource allocation, strengthen regional cooperation and promote high-quality common development.

Enhancing sales efficiency through the use of SMM tools

V.N. Nakonechnykh, M.M. Zhuravleva — Tue, 29 Jul 2025 00:00:00 +0300

The economic growth of a company greatly depends on boosting sales and improving their effectiveness.

This is why businesses are looking for tools to enhance competition, drive demand, and ultimately increase product sales. Marketing communications is the technology used to transmit information about a company, its products, and services to a specific audience through different channels, while also establishing and nurturing connections between the organization and the market to enhance reputation and boost sales. Their purpose is to address tasks that further the communication program’s goals. Metrics from social networks can function as a tool for marketing communication. Social networks enable users to buy products, creating unique opportunities to improve brand awareness, grow the customer base, and increase profits.

This study aims to analyze how the use of SMM tools and analytics can enhance the sales efficiency of a commercial organization and its impact on profits. The tools of SMM and their effect on sales efficiency will therefore be the study’s focus.

Environmental aspects of sustainable agricultural development

Y.А. Rybalka, Yang Weng — Tue, 29 Jul 2025 00:00:00 +0300

The aim of the research is to develop the theoretical foundations for implementing the concept of sustainable agricultural development with a focus on environmental aspects.

Materials and methods: The theoretical basis for the research consists of the works of scholars in the field of sustainable agricultural development. The systems approach, abstract-logical reasoning, comparative analysis, and monographic methods were applied.

Results. The article analyzes various approaches to the sustainable development of agriculture. The authors highlight the significance of social factors such as fair working conditions, protection of farmers’ rights and interests, improvement of the standard and quality of life of the population. The importance of assessing sustainable development in the agro-industrial complex in terms of the balance of environmental, social and economic components is also emphasized.

Conclusions. The factors of sustainable agricultural development at the micro and macro levels have been identified. Micro-level factors primarily influence the production process. Macro-level factors include social, environmental, and economic aspects.

Dynamics and key vectors of development of Belarusian economic sectors in the context of realization of the national digital agenda

N. Yermalinskaya, G. Rudchenko — Tue, 29 Jul 2025 00:00:00 +0300

The purpose of the study is to assess the dynamics and identify key trends in the digital development of national economy sectors.

Materials and methods. The study was conducted on the basis of official information sources of the National Statistical Committee of the Republic of Belarus. Applied general logical (analysis, synthesis) and mathematical (statistical, visualization) methods of scientific research.

Results. The article substantiates the priority directions of realization of the digital agenda of economic development in Belarus. The article assesses the activity of using elements of the digital economy by economic entities, determines the intensity of mastering new generation digital solutions, and analyzes the effectiveness of technological innovations in industry. The author identifies the regularities of digital transformation, determines the stimulating conditions and constraining factors, and substantiates the directions of increasing the intensity of digital development of the national economy sectors.

Conclusion. In the conditions of sectoral heterogeneity in the use of elements of the digital economy, transition from “digitization” to qualitative transformation of business, transfer of business and communication processes to the digital environment, restraining influence of economic factors and gradual scaling of innovative production, the tools to support the cumulatively increasing efficiency of digitalization should be: development of models for import substitution of critical information and communication solutions, development of scientific and production cooperation, introduction of mechanisms to reduce investment risks, harmonization of the trajectories of digital and innovative transformation of industries with the goals of sustainable development of the country and ensuring national digital sovereignty.

Foreign investments in the regions of the Republic of Belarus: dynamics, influence on employment and prospects

I.N. Rusak — Tue, 29 Jul 2025 00:00:00 +0300

The aim of research is to analyze the investment attractiveness of the regions ofthe Republic of Belarus, to assess the relationship between foreign investment and employment, and to identify promising areas of regional attractiveness.

Materials and methods: The theoretical basis for the research was the works of domestic and foreign authors related to the categories of “investment”, “regional economy”, “employment” taking into account the impact-rating of economic journals (for example, according to the indicators of 2024 the journal “Regional Economy” entered the third quartile (Q3) in the category “Area Studies”). The system approach, the method of comparative and correlation analysis, analogies, scenario forecasting, analytical assessment were applied.

Results. The article analyzes the attraction of foreign investments to the regions of Belarus, their impact on economic development and the labor market. The key trends in investment activity over the past two decades have been considered, regional imbalances have been identified, and areas for improving investment policy have been identified. The research is based on the provisions of the National Security Concept of the Republic of Belarus, the National Strategy for Sustainable Development of the Republic of Belarus until 2040, as well as the academic works of Belarusian scientists, including V.I. Belsky, P.N. Pekutko, A.G. Bobrova, T.S. Vertinskaya, V.S. Fateev, A.I. Luchenok, D.V.Mukha, N.P. Dragun, K.S. Bichik and others.

Conclusions. The conclusions obtained as part of the comprehensive analysis made it possible to identify priority areas of investment attractiveness of the regions of the Republic of Belarus, identify controversial issues in the interconnectedness of investment and employment, and stay ahead of trends in attracting investment at the regional level.

The interrelation between total factor productivity and economic indicators of non-financial corporations

Anastasiia Vasylchenko, Olena Hrechyshkina — Tue, 29 Jul 2025 00:00:00 +0300

The scientific article presents a theoretical and methodological analysis of the relationship between total factor productivity (TFP) and economic performance indicators of non-financial corporations (NFCs) of the Republic of Belarus. The authors systematize economic indicators to take into account the factors and the degree of their influence on the functionality and efficiency of NFCs. Four main groups of indicators are identified: overall performance, profitability, liquidity and financial stability. This classification is consistent with the principles of the systems approach and the resource base theory. The definition of the groups of indicators allows us to identify the mechanisms by which effective management of NFC resources can be transformed into sustainable economic growth, which is an important aspect for the formation of an integrated model of economic development. The results of the article are the basis for developing recommendations for improving the quality of NFC management, which contributes to increasing their financial stability and efficiency, increasing competitiveness and socio-economic development.

Women's entrepreneurship: concept, development factors and gender differences in entrepreneurship

Y.O. Golyakovich — Tue, 29 Jul 2025 00:00:00 +0300

Objective. To explore the concepts of women's entrepreneurship, identify the factors that contribute to its development, and analyze gender differences in business. The article aims to identify key barriers and opportunities faced by women entrepreneurs.

Materials and methods. The object of this study is women's entrepreneurship, including its conceptual foundations, development factors and gender differences in entrepreneurialactivity. This article uses the methods of literature review, qualitative and quantitative analysis to study women's entrepreneurship. The literature review covers existing scientific publications and statistical data, allowing to formulate a theoretical basis.

Results. This study proposes the author's definition of female entrepreneurship. Specific factors that contribute to the development of female entrepreneurship are also identified. In addition, the study develops a classification of female entrepreneurship based on business types and levels of organization, which allows for a deeper understanding of the diversity and dynamics of this area.

Conclusion. The conducted research into female entrepreneurship has identified key aspects that determine its development and specificity. The author's definition of female entrepreneurship, as well as the specific factors identified, such as level of education, access to resources and mentoring support, emphasize the importance of a comprehensive approach to research in this area. The developed classification of female entrepreneurship allows for a detailed description of its diversity and adaptation of support strategies, taking into account the unique needs of female entrepreneurs.

Evolution and innovation path of the «One belt – one road» project

Qinyuan Liu, Xu Wang — Tue, 29 Jul 2025 00:00:00 +0300

As we have all clearly observed from the fact, the “One Belt, One Road” project has had a profound impact on global international economic cooperation since its inception.

This article systematically analyzes the evolution of the “One Belt, One Road” project and explores its innovative path. Based on the in-depth analysis of a large number of relevant literature and statistics, the article describes the three main stages of this project since its announcement and the direct construction of the project itself, namely the initial theoretical exploration, the subsequent deepening and broadening of theory and practice, and the functional trade and economic system that has been gradually formed at present.

The article also analyzes in detail the innovative directions and development paths of the “One Belt,

One Road” project in terms of interdisciplinary integration, application of new data and methods, differentiation of research for different countries and regions for sustainable development. In the initial stage of theoretical research, scholars mainly focused on the direct stimulating effect of the One Belt, One Road project on trade, investment, infrastructure construction, etc., and the research was based on the traditional theories of international trade and investment, which laid the foundation for subsequent research.

Moreover, as the “One Belt, One Road” project progressed, the theoretical research expanded from the traditional trade and investment research to multidimensional and comprehensive analysis of other components affecting macroeconomic growth itself, industrial restructuring, regional coordinated development, etc. New theoretical proposals and analytical frameworks such as new economic geography, institutional economics, etc. have also been introduced to make further research more in-depth and comprehensive.

At present, the “One Belt, One Road” project integrates the theoretical resources of multiple disciplines in the formative stages, covers the analysis of comprehensive macroeconomic growth, corporate behavior, industrial organization, international trade and investment, regional economic cooperation and other aspects, which provides a more comprehensive, systematic and dynamic understanding of the economic opportunities of the “One Belt, One Road” project, and promotes the thorough study of the relationship and synergy between the various efficiencies and synergies of the “One Belt, One Road” project.

To date, these theoretical studies have made significant progress in explaining the complex economic effects of the “One Belt, One Road” project, not only revealing the positive impact of the project on economic growth, industrial structure optimization and coordinated regional development of countries along the project routes, but also providing a solid theoretical and practical basis for the development of relevant policies in practice. All this has indeed played an important role in practical guidance and management.

Development of the economy and financial market of the Republic of Belarus in behavioral and paternalistic paradigm

O.A/ Kuksa — Tue, 29 Jul 2025 00:00:00 +0300

Based on the analysis of the report on the assessment of financial literacy of the Belarusian population for the period 2020 - 2024, the author concludes that there is a high demand of the country's residents for paternalism. Further research on this topic will be carried out in the direction of searching for the optimal paternalism regime taking into account the principles of behavioral economics for the stable development of the economy and financial market of Belarus. The author concludes that the categories of behavioral economics, paternalism and trust have a close relationship and the prospect of conceptual interaction.

SWOT analysis of the Republic of Belarus tax system structural block

I.А. Kononchuk — Tue, 29 Jul 2025 00:00:00 +0300

The goal is to determine favorable opportunities and potential threats to the tax environment that have impact on the development of tax strategy.

Materials and methods. The methodological basis of the study was the presentation of the tax system in the form of blocks, among which the structural block of the tax system is represented by a list of taxes paid, characteristics of elements, grouping of taxes in the context of various criteria, features of tax legislation and its susceptibility by taxpayers. The effectiveness of the study was ensured by the use of SWOT analysis, as well as traditional logical methods (comparison, tabular presentation of data, grouping, generalization).

Results. The article analyzes individual elements of the tax system of the Republic of Belarus, identifies opportunities, key threats and risks of the tax system from the standpoint of tax strategizing. Conclusion. Each element of the structural block of the tax system of the Republic of Belarus is characterized by a specific set of strengths and weaknesses suitable for the implementation of the taxpayer's tax strategy and overcoming the challenges of the external tax environment.

Trends and prospects for the creation and development of banking ecosystems

I.A. Pryhodzich — Tue, 29 Jul 2025 00:00:00 +0300

The purpose of the article is to study key trends and prospects for the creation and development of banking ecosystems in the context of the digital transformation of the financial sector, taking into account the established strategies for the implementation of ecosystems in banks.

Material and methods. The theoretical basis of the research was the work of domestic and foreign authors on the topic of financial ecosystems in general and banks in particular. The following methods were used: synthesis, generalization, comparison.

Results. The author of the article examines modern ecosystem models, drivers of their growth, the role of technological innovations and partnerships with fintech companies, as well as the impact of regulation and the institutional environment on the sustainable development of ecosystems. Special attention is paid to assessing the economic potential of banking ecosystems, their impact on customer experience, income diversification, and banks’ competitiveness in a rapidly changing digital world. The article is aimed at forming a comprehensive understanding of the mechanisms for creating effective ecosystems of banks and identifying factors contributing to their successful development and scaling.

Conclusion. The development of banking ecosystems is one of the key factors in the transformation of the modern financial sector. Trends related to ecosystem scaling, integration through open application programming interfaces, personalization of customer experience, and active collaboration with fintech companies create competitive advantages for banks and generate new revenue sources. At the same time, the sustainable growth of ecosystems requires careful consideration of institutional and regulatory aspects that ensure security, transparency and trust of market participants. The prospects for the development of banking ecosystems are linked to further digitalization, the expansion of partner networks and the introduction of advanced technologies such as artificial intelligence and big data analytics. This will allow banks not only to retain existing customers, but also to attract new segments by offering comprehensive and convenient solutions. In general, the ecosystems of banks are becoming drivers of innovation and key elements of the competitiveness of financial institutions in the era of the digital economy. Their successful creation and development contributes to business diversification, lower transaction costs and sustainable development of the entire financial industry.

Methodological aspects of assessing the level of digitalization of insurance companies' products and services

E.A. Vakulich — Tue, 29 Jul 2025 00:00:00 +0300

The purpose of the article is a comprehensive description of the digital insured index.

Materials and methods. The theoretical basis of the study was the works of domestic and foreign authors on the topic under study. The following methods were used: scientific abstraction, deduction, induction, synthesis, methods of generalization and processing of information.

Results. The author studied the method of calculating the digital insured index. The main elements of the method are considered, a characteristic is given to each element. The algorithm for calculating the index is logically substantiated. A pilot calculation of the digital insured index was made based on the materials of the BRUSP "Belgossstrakh".

Conclusion. The author's method of calculating the digital insured index has been developed. The article provides a description of the main elements of the method with a detailed description. Particular attention is paid to the final values of the index and the interpretation of these values by levels. A visual algorithm for calculating the index is provided, as well as a pilot calculation of the index with interpretation of the result.