The aim of this study is to investigate the reasons of slow path of economic transformation in Belarus. In the first part is analyzed the general pattern of transition, characteristic for most of post-soviet countries. In the second part is described the path of transition in Belarus -- one of the least transformed countries in post-soviet region. In the study is introduced the analysis of initial conditions and first market reforms implemented on the initial stage of transition. Also, the author investigates the economic model, established in Belarus after market reforms had been suspended. In the study is discussed the possibility for continuation of economic transformation in Belarus in recent future. In order to summarize the key points of the study and draw the complex picture of Belarus in the world economy the SWOT analysis of Belarusian economy is introduced.