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Apr 27, 2012

Economist says opportunity for Belize as High Growth Country

Richard Rahn

In January we told you about an article printed in the Washington Times on a comparative look on Belize and the Cayman Islands. The writer, Dr. Richard Rahn, who is an American Economist, draws conclusions on why Cayman is rich and Belize is poor, although both are small Caribbean countries with similar climate, mixed cultures and were former British colonies. According to Rahn, Belize should be richer; after all it is the bigger country and has more natural resources. Well, Dr. Richard Rahn is in Belize for the Chamber of Commerce’s AGM.  Dr. Rahn spoke about ‘The Opportunity for Belize to be a High-Growth Country.’  Dr. Rahn told News Five that in short, the problem in Belize is poor governance.


Dr. Richard Rahn, American Economist & Journalist

“Well, Belize remains poor because it has too many tax and regulatory impediments and it needs to clean up its judicial system. We looked around and going back to 1970, Belize has the same per capita income as Cayman and now the Cayman has six times the per capita income. Cayman instituted a number of policies that Belize did not and as a result Belize lags way behind and if all those policies are changed, Belize can catch up very quickly and Belize can become very rich as the average person in the Cayman, the United States, Singapore or wherever.”


The Chamber held its ninety-second Annual General Meeting today, where five councilors were elected to serve on the Chamber’s Executive Council for a period of two years. Elected councilors are Carlo Habet, Israel Marin, Douglas Bowen, Nikita Usher and Daniel Gutierrez.  The executive officers for the 2012 – 2014 Executive Council are Kay Menzies, who will serve another term as President; Emile Mena, who will serve as Past President; Allen Reimer, who will serve as V.P. Industry, Rishi Mungal, will serve as V.P. Services; Alberto Young, will continue as V.P. of Commerce; Claudette El Ters, was returned as Treasurer; and Ashanti Martin, continues in her capacity as Secretary. Honored at the AGM were Hon. Godwin Hulse, Amparo Masson, and Alberto Young.

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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3 Responses for “Economist says opportunity for Belize as High Growth Country”

  1. Storm says:

    Belize is enslaved and impoverished by a corrupt history that allows the political elite and their cronies control the GOB and use it to get rich off the public trough, public lands, and unnecessary monopolies. UDP and PUP are equally guilty, and amazingly, Belizeans vote time and again to continue their own slavery by re-electing from the same pool of “leaders.”

    I hope Dr. Rahn is correct that things can be revolutionised very quickly, and I pray future Belizeans will vote for honest government instead of being led like sheep and bought for a few pieces of silver. If not, one day we will welcome revolution.

  2. Ricky Malthus says:

    I have been saying the same things about the slave system for the umpteen time but no one heeds my economic thoughts. Now here comes Dr. Rahn , a foreigner and the Chamber and media and all the decendants of slaves are ready to believe him. This is the reason there has been no development in Belize from the days of slavery to present times. Belize is seeking development from abroad but the real development will come from our own intellectuals right here. I have a plan to save all the businesse in Belize and add many more businesses to create jobs, add credit at single digit rate, reduce taxes , increase revenue from our oil production and many more policies as well as kick out all the venal foreign judges Barrow brought in instead of employing Belizean judges. So please don’t sell me the idea that Dr Rahn idea is original. Shame on all of you.

  3. Optimistic says:

    Belize citizens are warm and unassuming, and the country’s best attribute. But the economy, slow, cumbersome and sluggish. I see five primary areas required for bringing real change to the country:

    1. Overcome the bueraucratic culture that mires businesses into quicksand, from which it is impossible to escape;

    2. Educate functional goverment employees, judges and bank personnel, so that they can apply their laws / policies consistently and without lengthy interpretation;

    3. Automate! Remove all of the green screened slave terminals in every banks, business and utility companies; move into the current decade with technology;

    4. Drop the trade barriers. Burger King, McDonalds, Budweiser and Motel 6 aren’t evil and bad. Contemporary construction equipment and technology aren’t bad either;

    5. Generate your own power! Mexico is overcharging you!

    I’m sure I can think of a dozen more, but lets use these as a start!!

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