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Western Hemisphere > Belize

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Cover IMF Working Papers
Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration
Abdullah Al-Hassan
,
Mary E. Burfisher
,
Mr. Julian T Chow
,
Ding Ding
,
Fabio Di Vittorio
,
Dmitriy Kovtun
,
Arnold McIntyre
,
Ms. Inci Ötker
,
Marika Santoro
,
Lulu Shui
, and
Karim Youssef
Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.
Keywords:
WP; sovereign state; common market; ECCU authorities; labor market; CARICOM state; OECS authorities; factor market; average revenue; CARICOM economy; banking sector; CARICOM trade; trade cost; national budget; CARICOM member; Tax incentives; Regional integration; Caribbean; Global; Europe; exercise authority; Economic integration; CARICOM; CSME; Cooperation
Cover IMF Staff Country Reports
Belize: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper provides an overview of Belize’s tourism sector and main achievements and discusses the country’s comparative advantages and bottlenecks in tourism. It also analyzes the impact of structural and institutional reforms on tourist arrivals. The outturns in tourism have significantly exceeded targets set in the authorities’ National Sustainable Tourism Masterplan (NSTMP). The implementation of the NSTMP reforms has supported the tourism sector’s expansion. In order to guide the development of the tourism sector, the NSTMP 2011 proposes reforms and targets to propel Belize into an internationally recognized tourist destination by 2030. The emergence of the shared economy business model has also brought new challenges, in addition to opportunities. The benefits of the peer-to-peer accommodation available to customers on digital platforms include the expansion of tourism product, service, and sector offerings; improved access to market; and opportunities for income generation. It is imperative that reforms in the near term should focus on addressing the impact of recurring natural hazards, infrastructure bottlenecks, fortifying the institutional and governance framework, reducing crime, and mitigating concerns relating to the shared economy.
Keywords:
ISCR; CR; Belize; firm; tourism sector; loss-making firm; cruise tourism expenditure; EPZ company; company need; tourism indicators performance; Corporate income tax; Tourism; Income and capital gains taxes; Income tax systems; Consumption taxes; Caribbean; Global; Central America
Cover IMF Working Papers
Tourism In Belize: Ensuring Sustained Growth
Mr. Julian T Chow
Belize’s tourism sector has witnessed impressive growth in recent years with overnight tourist arrivals registering double digit annual growth rates since 2016. To guide the development of the tourism sector from 2012 to 2030, the government endorsed a National Sustainable Tourism Master Plan in 2011, setting various initiatives and targets for the immediate and medium terms. Using a panel regression analysis on twelve Caribbean countries, this paper finds that accelerating structural reforms, fortifying governance frameworks, reducing crime, and mitigating the impact of natural disasters will help sustain tourism growth in Belize and contribute to economic well-being. This is in addition to tackling infrastructure bottlenecks and mitigating concerns relating to the “shared economy”.
Keywords:
WP; tourism sector; sub; Belize; cruise tourism expenditure; tourism indicators performance; tourism competitiveness; tourism destination; tourism Arrivals; tourism value chain; Tourism; Natural disasters; Infrastructure; Caribbean; Central America