Patrick Faber Addresses Inflation, Unemployment, and G.D.P.

Faber went on to address matters concerning unemployment, the debt-to-G.D.P. ratio, and inflation. He contended that the government’s statistics are disconcerted from the reality on the ground, as far as the price of goods and services is concerned. Faber also argued that the unemployment rate does not reflect the truth of what Belizeans are experiencing. Here is how he puts it:

 

Patrick Faber, Area Representative, Collet

“The Prime Minister’s speech proudly cites a reduction in unemployment. He said it has gone down from fourteen percent in 2020 to three point four percent in 2023. He is heralding this monumental achievement of his administration. Comparing these figures without acknowledging the change in the calculation methodology by the SIB is misleading and deceptive. It is, to be frank, an apples-to-orange comparison. When I searched the IMF page, the World Bank page, and I didn’t find anywhere where the debt to GDP ratio rose to a hundred and thirty-three percent. But, it is convenient again for you, on that side to paint a picture that is completely wrong. The highest I found was a hundred and three percent. The IMF page said, no data submitted. The Prime Minister claims that there is a decrease in inflation form six point three percent in 2022 and that it will drop further to three point one percent and he said it will go even lower, to one point three percent in the medium term. I was telling my friend from Caribbean Shores, the minister of the police, that this reality is different from the reality on the streets. But here we go again; you can talk figures all you want but the Belizean people will tell you, if you listen to them on the ground, if you are listening to them, you will know that what you say doesn’t exist. You will know that when you tell them that the prices for goods and services will go down, there has to be a disconnection.”