Economy Growing but PM Cautions “More Tough Decisions Ahead”
The country’s economy continues to show signs of continued recovery and growth, according to leaders in Government. At last Friday’s House Meeting, Prime Minister John Briceno said that even in the third quarter of the year, when it’s the slow season for key sectors, our economy grew, though he cautioned that there are still tough decisions ahead.
Prime Minister John Briceno
Prime Minister John Briceno [File: December 3rd, 2021]
“US dollar holdings in the banking system are at their highest in over six years. The CBB or Central Bank of Belize reserves have climbed to over five months of imports and investment opportunities are generating domestic and international excitement. Following from a roaring second quarter with over twenty-two percent economic growth, the economy grew by over fifteen percent in the third quarter this year. And we all recognize that the third quarter is usually the slowest quarter of the year – when tourism is down, agriculture is down. This has generated over twenty-three thousand jobs since September, 2020 and bringing down the unemployment rate to single digits, at nine point two percent. Exports also grew by twenty-nine percent in this third quarter. These results, engineered through difficult decisions would not have been possible without the support of the people of Belize, hesitant as perhaps some support was lent. Of course, Mr. Speaker, the next chapter will not be breezy. It won’t be that easy. Belize is not out of the woods, and I must be frank, more tough decisions lie ahead. Yes, the mid-year figures are encouraging but they are not truly representative of a permanent trend. Revenues have bounced back from their COVID lows, but among other things, when the borders are eventually open, these revenues may not be as good.”
