I.M.F. Says Belize’s G.D.P. on the Rise, Inflation and Unemployment Down

The International Monetary Fund has wrapped up its Article Five consultation. In its concluding statement, the I.M.F. reported that Belize’s economy has continued to perform well. The report noted continued G.D.P. growth over the last three years, adding that this growth has been led by the expansion of tourism, construction, and the business process outsourcing sectors, among others. The I.M.F.’s report further stated that unemployment has decreased from fourteen percent in 2020 to three point four percent in 2023. The report also provided a positive outlook for Belize’s inflation rate and G.D.P. growth. Today we caught up with, Christopher Coye, the Minister of State in the Ministry of Finance, who told us more.

 

Christopher Coye, Minister of State, Ministry of Finance

“I think the IMF article four consultations reflect and the concluding statement reflects what we have been experiencing in Belize. We have been experiencing a resurgence of the Belize economy. The growth continues to perform for Belize, relatively well. I think in this last calendar year we experienced an estimated five percent growth. I think they are estimating four point five, Central Bank is estimating the same number. I believe we will outperform that a little bit. But nonetheless, it is around five percent growth. They also highlight our debt dynamics. Our debt fiscal position remains robust. We expect a primary surplus once again this year and the inflation continues to moderate. They are estimating that inflation for 2023 will be a little over four percent, for 2024 it will reduce to a little over three percent and then reduce further to about one point three percent thereafter. The unemployment rate, their estimate is about three percent there about and that we would remain at or above full employment for the foreseeable future. So, all in all, the consultations went quite well and the report indicates how the economy and the government has been performing in a positive way.”