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Belize, located in Central America, is categorized as an upper-middle-income country. As of 2022, Belize had a population of 400,000, a Gross Domestic Product (GDP) of USD 2.5 billion, and a per capita GDP of USD 6,049. Belize is part of the important Mesoamerican biological corridor, with significant biological diversity, both marine and terrestrial. Belize's sustainable growth and inclusivity prospects are closely tied to two key factors: environmental preservation and the development of economic resilience. Tourism serves as the primary source of foreign exchange for Belize, followed by agricultural exports and, to a lesser extent, revenue from crude oil. Additionally, remittances play a significant role in providing substantial support for consumption in the country.
Belize experienced a robust economic recovery driven by an increase in tourism arrivals and related construction activities. As a result, real GDP per capita surpassed its pre-pandemic levels in 2022, following remarkable GDP growth rates of 15.2% in 2021 and an estimated 9.6% in 2023. Despite implementing external debt restructuring in 2021 and substantial fiscal consolidation efforts, Belize still faces a high public debt level, reaching 72.8% of GDP in 2022.
The unemployment rate dropped to a record-low of 5%, although labor participation remains relatively low. Key policy priorities for Belize include maintaining fiscal discipline, implementing structural reforms to stimulate growth, addressing the challenges posed by climate change, and providing support to vulnerable segments of the population. The country's economy is projected to grow at a moderate rate of 2% to 3% in the medium term.
