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

International Monetary Fund

No 2023/164, IMF Staff Country Reports from 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.

Keywords: authorities of Belize; currency peg; authorities project growth; terrorism financing risk; reform agenda; Fiscal stance; Public sector; Global; Caribbean (search for similar items in EconPapers)
Pages: 67
Date: 2023-05-12
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