Belize
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 2010-2011 , pp 223-227
- Publication Date: December 2011
- DOI: https://doi.org/10.18356/6398a5f4-en
- Language: English
The Belizean economy recovered from stagnation in 2009 to grow by 2.9% in 2010, a rate, which, within the Caribbean Community (CARICOM), was only bested by that of Suriname (4.4%) and Guyana (3.6%). Activity was bolstered by a sharp rise in electricity generation and stronger growth in transport, communication and distributive trade. Tourism demand also improved owing to the nascent recovery in major markets. Despite the upturn in activity, inflation remained flat (0%) and higher employment was expected in recovering sectors. Notwithstanding the challenges presented by high debt levels and rising interest costs, the fiscal situation improved in 2010. Monetary policy sought to stimulate commercial bank lending to the private sector in order to facilitate the economic recovery. Meanwhile, robust growth in exports, combined with a modest rise in imports, led to a narrowing of the current account deficit by more than 50% as a percentage of GDP.
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