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International Monetary Fund. Western Hemisphere Dept.

1. Economic activity has rebounded strongly from the pandemic. The rebased national accounts show that after contracting by 13.4 percent in 2020, real GDP rebounded by 15.2 percent in 2021 and 12.1 percent in 2022, led by retail and wholesale trade, tourism, and business process outsourcing (Annex I). As a result, the unemployment rate declined from 13.7 percent in 2020 to 5.0 percent in 2022. Visitor arrivals reached 74 percent of pre-pandemic levels in 2022 as COVID-19 restrictions eased amid vaccination efforts in Belize and source markets. Vaccination rates in Belize have now plateaued, with 54 percent of the population fully vaccinated, almost a quarter of whom have received a booster. The authorities have removed COVID-19 related restrictions for entry into and movement within the country. Inflation increased from near zero in 2020 to 3.2 percent in 2021 and 6.3 percent in 2022, led by higher global food and fuel prices despite measures to fix domestic diesel and regular gasoline prices at the pump at relatively high levels since April 2022.1

International Monetary Fund. Western Hemisphere Dept.

IMF Country Report No. 23/164