{
  "title": "Belize: Selected Issues",
  "publication": "IMF Staff Country Reports, May 11, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/05/11/belize-selected-issues-533291",
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  "summary": "This Selected Issues paper studies inflation dynamics in Belize with the goal of quantifying the role of external and domestic factors in the recent inflationary episode and projecting inflation going forward.",
  "sections": [
    {
      "heading": "Main findings on inflation dynamics",
      "content": "- The paper studies inflation dynamics in Belize with the goal of quantifying the role of external and domestic factors in the recent inflationary episode and projecting inflation going forward.\n- A Principal Component Analysis (PCA) applied to inflation data of several countries finds that global factors have contributed substantially to both the historical variation and the recent surge in Belize’s inflation.\n- Global factors explain most of the recent surge in inflation in Belize and are projected to reduce inflation going forward.\n- An estimated Phillips curve finds that external factors, proxied by food and fuel prices and US inflation, have been a key driver in the surge in Belize’s inflation during the last two years.\n- The estimation results show that external factors have significant effects on Belize’s inflation."
    },
    {
      "heading": "Methodology and indicators used",
      "content": "- Principal Component Analysis (PCA) on multi-country inflation series to extract global factors.\n- Phillips curve estimation for Belize incorporating:\n  - food prices (proxy for external food-price shocks),\n  - fuel prices (proxy for external energy shocks),\n  - US inflation (proxy for foreign inflationary pressure)."
    },
    {
      "heading": "Policy-relevant implications (from findings)",
      "content": "- Because global factors explain most of the recent inflation surge, domestic policy responses should account for significant externally driven inflationary pressures.\n- Projections indicate that global factors are expected to reduce inflation going forward, implying a potential easing of externally driven inflationary pressure over the projection horizon.\n\n---\n\n Content in this bundle\n\n- Belize: Selected Issues; IMF Country Report No. 23/165; April 18, 2023\n  - Belize: Selected Issues; IMF Country Report No. 23/165; April 18, 2023 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Belize: Selected Issues; IMF Country Report No. 23/165; April 18, 2023 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2023/05/11/belize-selected-issues-533291/index.md)",
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    "Published: May 11, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400242281.002",
    "The paper studies inflation dynamics in Belize with the goal of quantifying the role of external and domestic factors in the recent inflationary episode and projecting inflation going forward.",
    "A Principal Component Analysis (PCA) applied to inflation data of several countries finds that global factors have contributed substantially to both the historical variation and the recent surge in Belize’s inflation.",
    "Global factors explain most of the recent surge in inflation in Belize and are projected to reduce inflation going forward.",
    "An estimated Phillips curve finds that external factors, proxied by food and fuel prices and US inflation, have been a key driver in the surge in Belize’s inflation during the last two years.",
    "The estimation results show that external factors have significant effects on Belize’s inflation.",
    "Principal Component Analysis (PCA) on multi-country inflation series to extract global factors.",
    "Phillips curve estimation for Belize incorporating:",
    "Because global factors explain most of the recent inflation surge, domestic policy responses should account for significant externally driven inflationary pressures.",
    "Projections indicate that global factors are expected to reduce inflation going forward, implying a potential easing of externally driven inflationary pressure over the projection horizon.",
    "**Belize: Selected Issues; IMF Country Report No. 23/165; April 18, 2023**"
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      "title": "Belize: Selected Issues; IMF Country Report No. 23/165; April 18, 2023",
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