Belize: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
IMF Staff Country Reports, May 12, 2023
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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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Bibliographic details
- Published: May 12, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400242151.002
Growth outlook and recent performance
- Real GDP grew 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.
Key policy priorities
- Reduce public debt to a level that provides sufficient buffers.
- Increase expenditure in priority areas.
- Implement growth enhancing structural reforms.
- Build resilience to climate change.
- Limit government financing by the Central Bank (as part of measures to strengthen the currency peg).
Expected effects of recommended policies
- These policies would boost growth and make it more inclusive.
- Strengthening the sustainability of the currency peg requires:
- Implementing additional fiscal consolidation,
- Implementing growth-enhancing structural reforms,
- Limiting government financing by the Central Bank.
Measures to boost potential growth and resilience
- Enhance access to domestic credit.
- Ensure predictable access to foreign exchange to attract foreign direct investment.
- Reduce crime.
- Adopt a disaster resilience strategy that:
- Strengthens structural, financial, and post-disaster resilience,
- Is based on a multi-year macro-fiscal framework.
Content in this bundle
- 1blzea2023001