Economists from around the World
Appeal to Belarusian Authorities
150+ economists

25+ countries

4 continents

August 20th, 2020



Addressed to

Authorities, administrators, policy advisors and security services of Belarus

– those, who want the best for their country and her citizens


Sent on the behalf of

Economists, who unanimously support the following statement:

Catastrophic economic hardship for Belarusian citizens is certain in the case of military violence, and further abuse of human and economic rights

We condemn the violence towards the protesters. Economic history provides us with absolute certainty that the national prosperity rests on transparency and accountability of authorities, as well as their respect for human and economic rights. Without a clear commitment to restoring human and democratic rights and without the guarantees of resignation from confronting the social and political protests by force, the signatories of this letter are unanimous in predicting the Belarusian State’s devastating economic decline.

While the human cost of abusing human rights cannot be recovered, it is still possible for you, the persons who influence the policy, to find honour in steering the nation away from further tragedy. Otherwise, the misfortunes of the nation that will ensue are as follows:


1. Human and financial capital flight will accelerate
Investment will evaporate, access to foreign capital will decrease, and market trust will be lost. Doctors, engineers, and skilled professionals will leave en-mass, depriving the nation of both the cultural tissue as well as the talent needed for the national wealth. Belarus will not become an “IT country” by blocking the Internet for its residents and businesses for political reasons. Extant research demonstrates that blocking internet comes with economic cost.
2. Sovereign credit rating will descend into junk
The already high cost of Belarusian public debt servicing will further increase causing higher tax burden and/or lower public expenditures and deterioration of public services. A country where state imposes administrative control over the 3rd largest private bank will never have a high sovereign rating.
3. Macroeconomic stability will be lost
The resulting loss of both human and financial capital together with very limited access to international funds will lead to macroeconomic instability. This will cause high inflation, devaluation of Belarusian rouble, increased dollarization of the economy and even bank runs.
Belarus is a small open economy with little natural resources, which heavily needs educated and experienced professionals, foreign and domestic investment, access to international financial markets and macroeconomic stability.

Just as economic history has shown that the lack of respect for human dignity sooner or later leads to economic ruin, it also shows that the bravery of officials speaking and actioning truth to power is a catalyst to prosperity.



Belarus deserves better future.
Stand on the right side of history!

Signed by (in alphabetic order; to be updated):
  1. Elżbieta Adamowicz, SGH Warsaw School of Economics (Poland), Professor
  2. Aleś Alachnovič, CASE Belarus, Vice-President
  3. Sergey Aleksashenko, Economist; Former First Deputy Governor, Bank of Russia (1995-1998); Former Deputy Minister of Finance (Russia) (1993-1995)
  4. Carlo Amenta, University of Palermo (Italy), Associate Professor
  5. Anders Åslund, Atlantic Council (USA), Senior Fellow; Georgetown University, Adjunct Professor
  6. Ewa Balcerowicz, CASE (Poland), Chairwoman of the Supervisory Council; Association of Polish Economists (TEP), Vice-President
  7. Leszek Balcerowicz, Civil Development Forum (Poland), Founder; SGH Warsaw School of Economics, Professor; Deputy Prime Minister of Poland (1989-1991, 1997-2001); Chairman of the National Bank of Poland (2001-2007)
  8. Tadeusz Baczko, CASE (Poland), Professor
  9. Tamás Bauer, Goethe-Universität Frankfurt am Main (Germany), Professor emeritus; Former Member of the Hungarian Parliament 1994-2002
  10. Roel Beetsma, PhD, Amsterdam School of Economics (Netherlands), Professor and Vice-Dean
  11. Marek Belka, Professor, Prime Minister of Poland (2004-2005); Deputy Prime Minister of Poland and Minister of Finance (1997 and 2001-2002); Director of the European Department in the International Monetary Fund (2008-2009); Chairman of the National Bank of Poland (2010-2016)
  12. Maksim Belitski, University of Reading (UK), Associate Professor
  13. Paolo Di Betta, University of Palermo (Italy), Associate professor of Management
  14. Maria Bieć, SGH Warsaw School of Economics (Poland), Associate Professor
  15. Marcin Bielecki, University of Warsaw (Poland), Assistant Professor
  16. Maciej Bitner, Association of Polish Economists (TEP), Member
  17. Barbara Blaszczyk, Institute of Economics, Polish Academy of Sciences (INEPAN); Chairperson of the Scientific Council of INEPAN; Vice Chairwoman of the CASE Supervisory Council
  18. Michele Boldrin, Department of Economics, Washington University in Saint Louis (USA), Joseph G. Hoyt Distinguished University Professor of Economics
  19. Philip Booth, St. Mary's University (UK), Professor of Finance, Public Policy and Ethics
  20. Dmitri Boreiko, Free University of Bolzano-Bozen (Italy), Assistant Professor
  21. Andrzej Bratkowski, Independent Economist; Former Minister of Spatial Economy and Construction of Poland (1992-1993); Member of the Polish Parliament (1989-1991)
  22. Krzysztof Brzeziński, Oriel College of the University of Oxford (UK), College Lecturer
  23. Michał Brzoza-Brzezina, SGH Warsaw School of Economics (Poland), Associate Professor
  24. dr Paweł Bukowski, London School of Economics and Political Science (UK), Research Economist; Institute of Economics of the Polish Academy of Sciences
  25. Joanna Clifton-Sprigg, University of Bath (UK), Assistant Professor
  26. Maria Csanádi, DSc, Institute of Economics, Hungarian Academy of Sciences, Research Advisor
  27. Admir Čavalić, Association Multi (Bosnia and Herzegovina), Director
  28. Arkadiusz J. Derkacz, University of Social Sciences (Poland), Adjunct Professor; “Ambitna Polska" Foundation, Member of the Council
  29. Krzysztof Dobrowolski, University of Gdansk (Poland), Associate Professor; Dean of Economics Faculty (2008-2016)
  30. Paweł Doligalski, University of Bristol (UK), Assistant Professor in Economics
  31. David Domeij, Department of Economics at Stockholm School of Economics (Sweden), Professor
  32. Sławomir Dudek, PhD, Pracodawcy RP (Poland), Chief Economist; RIED SGH Warsaw School of Economics; Association of Polish Economists (TEP)
  33. Richard Durana, Ph.D. / Director, INESS - Institute of Economic and Social Studies (Slovakia)
  34. Piotr Dybka, SGH Warsaw School of Economics (Poland), Assistant
  35. Piotr Dworczak, Northwestern University (USA), Assistant Professor
  36. Anthony J. Evans, ESCP Business School (UK), Professor of Economics
  37. Andrea Farkaš, Slovak University of Agriculture in Nitra
  38. Michał Federowicz, Graduate School for Social Research, Institute of Philosophy and Sociology, Polish Academy of Science, Director
  39. Georg Fischer, Vienna Institute for International Economic Studies (Austria), Senior Research Associate
  40. Guido Friebel, Goethe University (Germany), Chair for Human Resources
  41. Petrit Gashi, Faculty of Economics, University of Prishtina (Kosovo), Associate Professor
  42. Renato Giacon, Economist
  43. Stanisław Gomułka, Polish Academy of Sciences, Member; Deputy Minister of Finance in Poland (2008); Professor of Economics in the London School of Economics (1970-2005)
  44. Peter Gonda, Conservative Institute of M. R. Stefanik (Slovakia), Director and Economist
  45. Jakub Growiec, SGH Warsaw School of Economics (Poland), Professor
  46. Maciej Grabowski, Centre for Strategic Mind-Set; Institute for Responsible Finance; Undersecretary of State in the Ministry of Finance of Poland (2008–2013), Minister of Environment (2013–2015)
  47. Marina Grusevaja, RheinMain University of Applied Sciences (Germany), Professor for intern. Economics; Wiesbaden Institute for Law and Economics, Head
  48. Jan Hagemejer, Faculty of Economic Sciences, University of Warsaw (Poland), Associate Professor
  49. Christopher A. Hartwell, PhD, Bournemouth University (UK), Professor; CASE Fellow
  50. Iraj Hashi, Business School, Staffordshire University (UK), Emeritus Professor of Economics
  51. Irena Hefer, Gothenburg Business School (Sweden)
  52. dr Peter Hill, School of Business, Law and Society, St. Mary's University (UK), Programme Director – Postgraduate Business, Senior Lecturer in Strategic Management
  53. Vladislav Inozemtsev, Center for Strategic and International Studies (USA), Russia and Eurasia Program, Senior Associate (Non-Resident)
  54. Annamaria Inzelt DSc, IKU at Financial Research Co. (Hungary), Founding Director of IKU
  55. Andreas Irmen, Department of Economics and Management, University of Luxembourg, Professor
  56. Janusz Jankowiak, NWAI Brokerage House (Poland), Chair of Supervisory Board
  57. Elena Jarocinska, European Business School Wiesbaden (Germany)
  58. Marek Jarocinski, European Central Bank, Researcher; Barcelona Graduate School of Economics (Spain)
  59. Halina Jaščanka, ex-McKinsey, Senior Engagement Manager
  60. Tomasz Karasek, Wharton MBA (USA), Executive; Association of Polish Economists (TEP), Member
  61. Jakub Karnowski, SGH Warsaw School of Economics (Poland), Assistant Professor; Independent member of supervisory boards; World Bank Consultant
  62. Sergii Kiiashko, Kyiv School of Economics (Ukraine), Assistant Professor
  63. Martyna Kobus, Institute of Economics of the Polish Academy of Sciences, Associate Professor
  64. Marcin Kolasa, SGH Warsaw School of Economics, Associate Professor
  65. Andrzej Kondratowicz, SWPS University (Warsaw), Professor of Economics; Association of Polish Economists (TEP), Founding Member
  66. Paweł Kopiec, SGH Warsaw School of Economics (Poland), Assistant Professor
  67. János Kornai, Harvard University (USA) and Corvinus University of Budapest (Hungary), Professor of Economics Emeritus
  68. Dr Julia Korosteleva, School of Slavonic and East European Studies, University College London (UK), Associate Professor in Business Economics, Economics and Business Programme Coordinator
  69. Ludwik Kotecki, Economic Advisor to the Speaker of the Senate (Upper House of the Parliament in Poland)
  70. Joanna Kotowicz-Jawor, Institute of Economics of the Polish Academy of Sciences, Professor
  71. Robert Kowalski, Economics Department, Stanford University (USA), former Assistant
  72. Piotr Kozarzewski, Maria Curie-Skłodowska University in Lublin (Poland), Associate Professor
  73. János Köllő, Institute of Economics of the Hungarian Academy of Sciences, Senior Research Fellow
  74. Aleksandra Krajewska, Institute for Social and Economic Studies (Poland), Member
  75. Natalia Kryg, PhD, Economist
  76. Piotr Kuczyński, Association of Polish Economists (TEP), Financial Market Analyst
  77. Mihaly Laki, Institute of Economics of the Hungarian Academy of Science, Economist
  78. Andrzej Leder , Institute of Philosophy and Sociology, Polish Academy of Science, Associate Professor
  79. Dariusz Ledworowski, PhD, CASE (Poland), Council Member
  80. Elena Leontjeva, Lithuanian Free Market Institute, President
  81. Piotr Lewandowski, IBS Institute for Structural Research (Poland), President of the Board
  82. Dr. Ivan Lyubimov, Russian Presidential Academy of National Economy and Public Administration (Russia), Senior Research Fellow
  83. Aleksander Łaszek, PhD, Civil Development Forum (Poland), Vice-President
  84. Iga Magda, IBS Institute for Structural Research (Poland), Vice-President of the Board; SGH Warsaw School of Economics, Associate Professor
  85. Krzysztof Makarski, SGH Warsaw School of Economics (Poland), Associate Professor
  86. Krzysztof Malaga, Professor of Economics; The Poznan University of Economics and Business (Poland), Director of the Institute of Informatics and Quantitative Economics; Directeur Scientifique de l'Association Internationale des Economistes de Langue Française (Drance)
  87. Tomasz Marciniak, Strategy Consultant, Economist
  88. Jakub Mateju, CERGE-EI and Czech National Bank
  89. Fatmir Memaj, Faculty of Economy; University of Tirana (Albania), Professor; Albanian Socio Economic Think Tank - ASET, Executive Director
  90. Tomasz Mickiewicz, Aston University (UK), Professor of Economics
  91. Wojciech Młodawski, Business Consulting, Economist
  92. Lorenzo Montanari, Property Rights Alliance (USA), Executive Director
  93. Sierž Naŭrodski, CASE Belarus, President
  94. Elena Nikolova, Consultant
  95. Agon Nixha, University College London (UK) Alumnus, Economist
  96. Jerzy Osiatyński, Institute of Economics of the Polish Academy of Sciences, Professor; Minister of Finance (1992-1993); Monetary Policy Council (2013-2019), Member
  97. Wojciech Paczos, PhD, Cardiff University (UK), Assistant Professor
  98. Radek Paluszynski, Department of Economics, University of Houston (USA), Assistant Professor
  99. Piotr Palutkiewicz, Economist; Association "Agenda Polska" (Poland), Chairman
  100. Martin Pánek, Liberální Institute (Czechia), Director
  101. Julia Patorska, Association of Polish Economists (TEP), President
  102. Jakub Pawelczak, University of Minnesota (USA), PhD Student
  103. Mateusz Pipień, Department of Empirical Analyses of Economic Stability, Cracow University of Economics (Poland), Associate Professor
  104. Paweł Pisany, Institute of Economics of the Polish Academy of Sciences, Assistant Professor
  105. Grzegorz Poniatowski, PhD, CASE (Poland), Vice-President
  106. Tanja Porčnik, Visio Institut (Slovenia), President
  107. Sergiusz Prokurat, PhD, Institute of Economics Polish Academy of Sciences
  108. Kamil Pruchnik, SGH Warsaw School of Economics (Poland), PhD in Economics Candidate
  109. Jerzy Pruski, Idea Bank (Poland), Acting CEO; Bank Guarantee Fund, CEO (2009-2016); The International Association of Deposit Insurers, President (2012-2015); National Bank of Poland, First Deputy President (2004-2008); Monetary Policy Council, Member (1998-2004)
  110. Artan Qineti, Slovak University of Agriculture in Nitra, Associate Professor
  111. Slavo Radosevic, School of Slavonic and East European Studies, University College London (UK), Professor of Industry and Innovation Studies
  112. Marek Radzikowski, PhD, MBA, SGH Warsaw School of Economics (Poland), Assistant Professor
  113. Dalibor Rohac, American Enterprise Institute for Public Policy Research (AEI), Resident Scholar
  114. Dariusz Rosati, SGH Warsaw School of Economics, Professor; Member of the Monetary Policy Council in Poland (1998-2004); Minister of Foreign Affairs (1995-1997)
  115. Marek Rozkrut, PhD, Economist
  116. Andrzej Rzońca, SGH Warsaw School of Economics, Associate Professor; Member of the Monetary Policy Council in Poland (2010-2016)
  117. Maja Rynko, SGH Warsaw School of Economics (Poland), Assistant Professor
  118. Dobromił Serwa, SGH Warsaw School of Economics (Poland), Associate Professor
  119. prof. Bican Sahin, Freedom Research Association (Turkey), President
  120. András Simonovits, Institute of Economics of the Hungarian Academy of Science, Professor Emeritus
  121. Marta Skiba, Institute for Social and Economic Studies (Poland), Vice-President
  122. Urszula Skorupska, Institute of Economics, Polish Academy of Sciences, Deputy Director; Association of Polish Economists (TEP), Member
  123. Andrzej Sławiński, SGH Warsaw School of Economics, Professor; Member of the Monetary Policy Council in Poland (2004-2010), Director of the Economic Institute of the National Bank of Poland (2010-2017)
  124. Piotr Soroczyński, Polish Chamber of Commerce, Chief Economist
  125. Carlo Stagnaro, Istituto Bruno Leoni (Italy), Senior Fellow
  126. Dr. Thomas Stahlecker, Fraunhofer-Institute for Systems- and Innovation Research ISI (Germany), Head of Business Area Regional Innovation Systems
  127. Maciej Stanczuk, Polish Confederation Lewiatan, Economic Advisor; Entrepreneur
  128. Małgorzata Starczewska-Krzysztoszek, PhD, Faculty of Economic Sciences, University of Warsaw, Assistant Professor; Association of Polish Economists (TEP), Member of the Board
  129. Grzegorz Szczodrowski, PhD, Economics Faculty University of Gdansk (Poland), Assistant Professor
  130. Marek Tatała, Civil Development Forum (Poland), Vice-President
  131. Jan Teresiński, European University Institute (Italy), Researcher
  132. Vera Tkach, Consultant
  133. Valentin Toçi, University of Prishtina (Kosovo), Professor of Economics
  134. Andrzej Torój, SGH Warsaw School of Economics (Poland), Associate Professor
  135. Rafał Trzeciakowski, Civil Development Forum (Poland), Economist
  136. Joanna Tyrowicz, GRAPE – Group for Research in Applied Economics (Poland), Director; University of Warsaw, Professor; IZA (Germany), Research Fellow
  137. Mateusz Urban, Oxford Economics (UK), Assistant Economist
  138. Eva Varhegyi DSc, Financial Research Ltd. (Hungary)
  139. Piotr Wachowiak, SGH Warsaw School of Economics (Poland), Rector-Elect, Director of the Institute of Management, Associate Professor
  140. Dominik Wasiluk, Institute for Social and Economic Studies (Poland), Member
  141. Joanna Wawrzyniak, Faculty of Philosophy and Sociology, University of Warsaw (Poland), Associate Professor
  142. Janusz Wdzięczak, PhD, Thomas Jefferson Research Center (USA)
  143. Jerzy Wilkin, Professor; Member of the Polish Academy of Sciences
  144. Jan Witajewski-Baltvilks, Faculty of Economic Sciences at the University of Warsaw (Poland), Assistant Professor
  145. Bartosz Witkowski, SGH Warsaw School of Economics (Poland), Dean of Undergraduate Studies, Director of the Institute of Econometrics, Professor
  146. Paweł Wojciechowski, Former Minister of Finance (Poland), Professor at Wszechnica Polska University in Warsaw, Senior Fellow at Pułaski Foundation
  147. Wiktor Wojciechowski, SGH Warsaw School of Economics, Associate Professor
  148. Marcin Wolski, PhD, Economist
  149. Richard Woodward, CASE (Poland), Member of the Supervisory Council; University of Edinburgh Business School (UK), Lecturer in International Business
  150. Tomasz Woźniak, University of Melbourne (Australia), Lecturer
  151. Cezary Wójcik, SGH Warsaw School of Economics (Poland), Associate Professor; Center for Leadership, Founding Director
  152. Tomasz Wróblewski, Warsaw Enterprise Institute (Poland), CEO
  153. Marcin Zieliński, Civil Development Forum (Poland), Economist
  154. Aleksander Żołnierski, Institute of Economics of the Polish Academy of Sciences
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