"The world has become less critical, has dropped criticism of the sociopolitical course pursued by Belarus," Lukashenko said. "Today even America is traveling along that road."
"I have always said the state must not and cannot withdraw from any sphere of life. Even the Americans have come to understand this today as the crisis is becoming more acute," the president said.
A lack of regulation has been blamed by some for the current credit crunch in the United States, which broke out after massive defaults on risky housing loans and quickly spread to Europe and Asia. The crisis has led to record losses on financial markets and a liquidity shortage in the developed world and emerging economies.
The U.S. government had to step in with $700 billion rescue plan, the biggest state intervention since the Depression. The return to higher levels of state regulation to stabilize the financial sector and reduce the impact of new crises has been widely discussed.
President Lukashenko, who has ruled the ex-Soviet state since 1994 and was once dubbed "Europe's last dictator" by Washington, has steadfastly opposed the privatization of state enterprises.
Speaking in parliament, Lukashenko said Belarus would emerge as a leading economy in the next four years and urged the legislature to pass "new-generation" legislation to achieve the goal.
Private business and foreign investment are uncommon in Belarus, which is heavily dependent on Russia in its own energy needs. The country also a major transit route for Russian oil and gas bound for Europe.