Belize

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Belize - In Short.

Overview of Belize

Belize was the site of several Mayan city states until their decline at the end of the first millennium A.D. The British and Spanish disputed the region in the 17th and 18th centuries; it formally became the colony of British Honduras in 1862. Territorial disputes between the UK and Guatemala delayed the independence of Belize until 1981. Guatemala refused to recognize the new nation until 1992 and the two countries are involved in an ongoing border dispute. Both nations have voted to send the dispute for final resolution to the International Court of Justice. Tourism has become the mainstay of the economy. Current concerns include the country’s heavy foreign debt burden, high crime rates, high unemployment combined with a majority youth population, growing involvement in the Mexican and South American drug trade, and one of the highest HIV/AIDS prevalence rates in Central America.
Value
Country Full Name
Belize
Country Code
BLZ
Region
Latin America & Caribbean
Income Group
Lower middle income
Currency Unit
GDP
1636280797
Population
397621
Land Area
22810
Net National Income Per Capita
3219.721218
GDP per Capita (PPP)
6457.636558

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Belize - Economic

Economy of Belize

Tourism is the number one foreign exchange earner in this small economy, followed by exports of sugar, bananas, citrus, marine products, and crude oil.The government’s expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007, but GPD growth has averaged only 2.1% from 2007-2016, with 2.5% growth estimated for 2017. Belize’s dependence on energy imports makes it susceptible to energy price shocks.Although Belize has the third highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor, and a key government objective remains reducing poverty and inequality with the help of international donors. High unemployment, a growing trade deficit and heavy foreign debt burden continue to be major concerns. Belize faces continued pressure from rising sovereign debt, and a growing trade imbalance.

Unemployment Rate

Inflation Rate

Belize - GDP Composition

GDP Composiiton & Value Added of Belize

Last Updated: Jan, 2021, Updated For 2020.

Belize - GDP, Value Added

Demographics of Belize

approximately 25% to 30% of the population lives in the former capital, Belize City; over half of the overall population is rural; population density is slightly higher in the north and east
Geographic Location

Central America, bordering the Caribbean Sea, between Guatemala and Mexico

Races

Mestizo 52.9%, Creole 25.9%, Maya 11.3%, Garifuna 6.1%, East Indian 3.9%, Mennonite 3.6%, White 1.2%, Asian 1%, other 1.2%, unknown 0.3% (2010 est.)note: percentages add up to more than 100% because respondents were able to identify more than one ethnic origin

Languages

English 62.9% (official), Spanish 56.6%, Creole 44.6%, Maya 10.5%, German 3.2%, Garifuna 2.9%, other 1.8%, unknown 0.3%, none 0.2% (cannot speak); note - shares sum to more than 100% because some respondents gave more than one answer on the census (2010 est.)major-language

Religion

Roman Catholic 40.1%, Protestant 31.5% (includes Pentecostal 8.4%, Seventh Day Adventist 5.4%, Anglican 4.7%, Mennonite 3.7%, Baptist 3.6%, Methodist 2.9%, Nazarene 2.8%), Jehovah's Witness 1.7%, other 10.5% (includes Baha'i, Buddhist, Hindu, Church of Jesus Christ, Muslim, Rastafarian, Salvation Army), unspecified 0.6%, none 15.5% (2010 est.)

Dependency & Expectancy of Belize

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Belize - Social Media Briefing

Belize - Social Media & Social Commerce

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Politics & Policies of Belize

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AOSIS, C, Caricom, CD, CDB, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW, PCA, Petrocaribe, SICA, UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Belize

Export of Belize

Import Destination

Export Destination