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Belize: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize

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  • International Monetary Fund

Abstract

This 2023 Article IV Consultation discusses that economic activity has rebounded strongly from the pandemic in Belize. After growing by 15 percent in 2021 and 12 percent in 2022, real GDP is projected to grow by 2.4 percent in 2023 and 2.0 percent over the medium term as spare capacity is exhausted. The key policy priorities include reducing public debt to a level that provides sufficient buffers, increasing expenditure in priority areas, implementing growth enhancing structural reforms, and building resilience to climate change. These policies would boost growth and make it more inclusive. Boosting potential growth requires enhancing access to domestic credit, ensuring predictable access to foreign exchange to attract foreign direct investment, reducing crime, and adopting a disaster resilience strategy that strengthens structural, financial, and post-disaster resilience and is based on a multi-year macro-fiscal framework. Strengthening the sustainability of the currency peg requires implementing additional fiscal consolidation and growth-enhancing structural reforms, as well as limiting government financing by the Central Bank.

Suggested Citation

  • International Monetary Fund, 2023. "Belize: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize," IMF Staff Country Reports 2023/164, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2023/164
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