Belize Economy - overview

Factbook > Countries > Belize > Economy

Economy - overview:

Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.

The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007, but GPD growth has averaged only 2.1% from 2007-2016, with 2.5% growth estimated for 2017. Belize’s dependence on energy imports makes it susceptible to energy price shocks.

Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

Definition: This entry briefly describes five economic components for a given country:

* National Economy, including a brief economic history;

* Domestic Markets, including labor and wage markets as well as brief commentary on economic sector portfolios;

* Financial Power and Public Finance, including brief discussions of financial market strengths and security, lending/exchange rates (especially if abnormalities exist), and foreign direct investments;

* Trade Power and Influence, including brief commentary on chief imports and exports; and

* Regional Strategy and Efforts, including key partners, regional economic development efforts, and any underlying economic data integrity concerns.

Source: CIA World Factbook - This page was last updated on Saturday, September 18, 2021

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