In Belarus, real output dropped by 4.7 percent in 2022 after 2.4 percent growth the year before, largely due to an adverse impact of sanctions. Households’ real income declined. As the economy was adjusting to the new environment, trade and financial dependence on Russia increased. Inflation picked up significantly and the government resorted to administrative price controls to bring it down to 15.2 percent. This Macro Poverty Outlook presents GDP, debt and fiscal forecasts and examines the implications for critical economic and social concepts such as growth, poverty reduction and macroeconomic stability.