Constraints to Economic Growth; 52% Poverty in Belize

There was a startling revelation during today’s press conference and that is that poverty in Belize has increased to fifty-two percent. That’s one in every two persons who is considered poor. And that is using pre-COVID-19 data.  While an assessment to determine the impact of the pandemic on poverty has not been done, during the first phase of the compact development process, for Millennium Challenge a “Constraints to Economic Growth Analysis” is conducted. That phase is nearly complete and determines the most significant factors hampering economic growth in Belize.

Dr. Osmond Martinez

Dr. Osmond Martinez, C.E.O., Ministry of Economic Development

“From 1995 to 2002, there was an increase in poverty; 2002 to 2007 another increase; 2009 to 2018, another increase which puts us now, pre-COVID at fifty-two point three percent of poverty in Belize. Six out of ten children live below the poverty line. There is an objective as one that was actually promised through the Briceño administration through PlanBelize and that is to reduce poverty by fifty percent by the year 2030. Within the medium term development strategy that is being developed within the Ministry of Economic Development, the strategy number one is the reduction of poverty. So this is how serious the Briceño administration is in the reduction of poverty and the only way we will be able to do it is through economic activities. I believe unanimously, everyone would agree that there needs to be an increase and reform in the education system. It is also important for Belize to increase its human capita and the only way we can do this is through education. And I will always believe in this saying that education should not be part of sustainable development, education is sustainable development and the secret to come out of poverty is sustainable development.”