Economy of Belize - statistics & facts
As of 2024, the forecasted Gross Domestic Product (GDP) of Belize ranked 27th out of 33 Latin American and Caribbean countries, not ranking above any other continental nations. The Central American country is also one of the least populated, regardless, in terms of GDP per capita, it ranks 21st and still positions around 2,700 U.S. dollars below the Latin American average. The economy is still developing and trying to solve old problems such as a historically high debt ratio, poverty, and, in many areas, strongly depending on international aid.
One of the main factors that hinder the ability of Belize to develop sustainable economic growth is high public debt. In fact, during 2020, the ratio of national debt to GDP was higher than 103 percent, the highest figure in at least 15 years. Nonetheless, the ratio started to slow down and reached pre-pandemic levels in 2022. Another hindering factor has been the declining economic participation rate, during the last ten years, it dropped almost ten percentage points. Even with the lowest unemployment rate in Central America, the already low participation subtracts from the productivity level of the country.
Developing a sustainable economy despite all problems
During 2012, the Government created the Sustainable Development Unit (SDU) to adapt the country’s economy towards sustainable economic growth, climate change, and disaster risks. Added to that, Belize joined by Participating United Organizations, International Labour Organization (ILO), United Nations Children’s Fund (UNICEF), and World Food Programme (WFP) developed the Sustainable Development Goals (SDG) with a medium-term plan up to 2030. The plan mainly targets no poverty, reduced inequalities, better working conditions, sustainable economic growth, climate friendly policies, and peace.One of the main factors that hinder the ability of Belize to develop sustainable economic growth is high public debt. In fact, during 2020, the ratio of national debt to GDP was higher than 103 percent, the highest figure in at least 15 years. Nonetheless, the ratio started to slow down and reached pre-pandemic levels in 2022. Another hindering factor has been the declining economic participation rate, during the last ten years, it dropped almost ten percentage points. Even with the lowest unemployment rate in Central America, the already low participation subtracts from the productivity level of the country.
