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Apr 7, 2016

World Bank Analyzes Belize’s Economy

The Ministry of Economic Development launched its National Growth and Sustainable Strategy earlier today, a few hours ahead of a new report by the World Bank Group which looks at opportunities and restrictions against the backdrop of the local economy.  The study begins with an overview of the investment climate.  Since 2004, the gross domestic product per capita has remained at a standstill, while high interest rates, low savings and limited access to finance have all had adverse effects on investment.  The analytical “Belize: Right Choices, Bright Future” carefully examines the progress made in giving precedence to investments in education, as well as bolstering the country’s environmental resilience.

 

Francisco Carneiro, Representative, World Bank

Francisco Carneiro

“This report is about the future, not about the present.  So it’s not going to look at what is the current growth rate and why the current growth rate is what it is.  It’s going to look at what is the potential for growth in the future. On the domestic side, on the domestic features, I would highlight that Belize is actually part of a very distinguished group of companies that are called Upper Middle Income Countries.  So, income per capita in Belize is about four thousand, eight hundred dollars which puts Belize among countries like Uruguay and Brazil even.  So all these countries are in the same group, upper middle income and there are two engines of growth in Belize, tourism and agribusiness.  So these are the two sectors that generate most of the wealth in the country and generate most of the jobs.  But there are three important domestic features that are very important for the future of Belize.  One is the size of its public sector debt which is currently at seventy-five percent of GDP.  Number two is the high unemployment rate that you see in this country, in spite of a very strong inflow of migrants.  And number three is the low levels of savings and investment, in spite of a very high FDI (Foreign Direct Investment).”

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1 Response for “World Bank Analyzes Belize’s Economy”

  1. MNHG says:

    IF THIS SYSTEM IS ACCEPTING BRIBES AT ALL BRANCHES AND AT ALL DEPTS, HOW CAN WE EXPECT ANY BETTER FOR THIS COUNTRY?
    ALL WORKERS ARE FOREIGNERS AND THE MONEY IS GOING AWAY FROM BELIZE AND NOT CIRCULATING HERE IN BELIZE.
    WHY?
    TOO MUCH BRIBES !!!!
    EVEN THE MINISTERS HAVE GUATEMALAN WORKERS ,PERIOD !!!

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