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Belize: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belize
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 164
Language:
English
Publication Date:
12 May 2023
DOI:
https://doi.org/10.5089/9798400242151.002
ISBN:
9798400242151
ISSN:
1934-7685
Pages:
67
Keywords:
authorities of Belize; currency peg; authorities project growth; terrorism financing risk; reform agenda; Fiscal stance; Public sector; Global; Caribbean
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This 2023 Article IV Consultation discusses that economic activity has rebounded strongly from the pandemic in Belize. 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. The key policy priorities include reducing public debt to a level that provides sufficient buffers, increasing expenditure in priority areas, implementing growth enhancing structural reforms, and building resilience to climate change. These policies would boost growth and make it more inclusive. Boosting potential growth requires enhancing access to domestic credit, ensuring predictable access to foreign exchange to attract foreign direct investment, reducing crime, and adopting a disaster resilience strategy that strengthens structural, financial, and post-disaster resilience and is based on a multi-year macro-fiscal framework. Strengthening the sustainability of the currency peg requires implementing additional fiscal consolidation and growth-enhancing structural reforms, as well as limiting government financing by the Central Bank.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund