World Bank Projects 3.5% Growth in 2024 for Belize

The World Bank held its regional press conference today on the economic status of Latin American and Caribbean countries. According to the bank, the Latin American and Caribbean region has reached a critical juncture. According to the World Bank, while the region has made significant progress in economic stabilization over recent decades, growth has stalled, undermining progress. One of the greatest challenges for the region is crime, specifically the murder rate. So, what about Belize? News Five asked the Chief Economist for the region, William Maloney, what the World Bank’s projections are for Belize in 2024. He started first with the region’s challenges.

 

William Maloney, Chief Economist, LAC, World Bank Group

“A second challenge is the expanding in the presence of crime and organized crime as well. And violence, if we look at 1 measure of violence, lack is the highest homicide rates in the world. So you see the, so the central bars we’re at about 22.7 homicide 100, 000 population. That’s 10 times we’ve got in Asia and about 5 times we’ve got in North America and it’s about 5 times the level of countries with similar levels of income or poverty. And it’s even above countries with similar level of inequality. It’s related to organized crime, which is spreading throughout the region, even to countries where previously it was less evident and it’s now moved to being the principal social problem for 20 percent of Latin American Caribbeans. It’s ranked as in the as a top problem for 20%. This has big impacts for growth and for the quality of life of our citizens.”

 

Ana Elisa Luna, Communications Manager, LAC, World Bank Group

“From News Five Belize,  how those  Belize’s engagement with various IFIs, including the World Bank, contribute to the country’s long term development goals.”

 

William Maloney

“So, for Belize for 2024, we’re looking at 3. 5 percent and then 2. 5 percent going forward.  Obviously, Belize is a reasonably small economy with a, a lovely tourism sector. We want to be more diversified. Any small economy would want to, but there are, it is constrained by scale. So, I’m not exactly sure what our programs are in Belize right now, but it’s possibilities for diversification are certainly worth looking at.”