Belize: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 164

Publication date: May 2023

ISBN: 9798400242151

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Topics covered in this book

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Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , Taxation - General , International - Economics , authorities of Belize , currency peg , authorities project growth , terrorism financing risk , reform agenda , Fiscal stance , Public sector , Global , Caribbean

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Summary

Outlook and Risks. Economic activity is projected to moderate after a strong recovery from the pandemic. After growing 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. Revenue growth and fiscal consolidation have increased the primary balance to 1.2 percent of GDP from FY2022 onwards, which is projected to reduce public debt from 64 percent of GDP in 2022 to 53 percent in 2028. Risks to the outlook are tilted to the downside, including a sharp slowdown in advanced economies, further increases in commodity prices, and climate-related disasters.