Geoffrey de Sibert | Joint Executive Manager of Belize Agricultural Enterprises
Description: Belize’s Orange Economy and Its Potential in the Region, Belize's challenge to balance environment and economy, An Update on Belize’s Economy, Belize's Economic Activity Grows by 11.5% in First Quarter of 2023
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Belize has a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered crude oil in the town of Spanish Lookout has presented new prospects and problems for this developing nation. Besides petroleum, Belize's other primary exports are citrus, sugar, and bananas. Belize's trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.
The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The Belize Dollar is fixed to the U.S. dollar at a rate of 2:1.
Domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. Tourism attracts the most foreign direct investment although significant foreign investment is also found in the energy, telecommunications, and agricultural sectors.
Geoffrey de Sibert | Joint Executive Manager of Belize Agricultural Enterprises