The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Belarus  
Rank: 70 · Score: 43.5  

Basic facts        
Population (millions) 9.2   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 72.0   M&A volume (quartile) Bottom
GDP per capita (US$) 7,817.9   Venture capital investments (quartile) 2nd
GDP growth (per cent) 0.7   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 70 60, 59, 56, 57, 55 43.5
1 Economic Activity 68 55, 71, 44, 44, 57 71.1
2 Depth of Capital Market 80 50, 49, 47, 46, 45 26.1
3 Taxation 21 104, 104, 102, 103, 104 108.1
4 Investor Protection and Corporate Governance 83 43, 42, 39, 42, 42 56.6
5 Human and Social Environment 46 83, 85, 85, 81, 79 35.5
6 Entrepreneurial Opportunities 63 65, 64, 68, 67, 62 48.1


 
Historic performance, 2019-2023   Key driver performance, 2023
 

   
VC/PE Rank  
VC Rank  
PE Rank
Belarus  
Eastern Europe
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Slovenia 70.0 32.0 103.1 72.1 33.5 70.7
Croatia 68.1 34.7 105.1 60.9 25.6 54.9
Slovakia 71.5 29.9 100.5 62.1 32.4 53.8
Belarus 71.1 26.1 108.1 56.6 35.5 48.1
Ukraine 65.1 28.0 104.4 58.8 31.8 46.0
Serbia 65.0 16.3 100.7 61.6 31.1 54.8
Georgia 57.8 10.9 113.5 87.1 34.6 45.9
Last updated: 4 Nov 2023