Belize’s Economy Still Ahead of Projection

While the rate of inflation is up, Belize’s economy is still performing well ahead of its projection. Minister Coye explained that despite all the factors that caused the cost of living to soar, Belize has been able to maintain a steady growth, but we still need to be cautious.

Chris Coye

Chris Coye, Minister of State, Finance

“In terms of where we are right now in this current year, I think the projections were that we would grow roughly six percent or six and a half percent for this current calendar year. I believe we are on target, if not a little ahead but the data will be coming out by the end of this month. We are actually going through the SIB, Statistical Institute of Belize, and they are actually going through a rebasing of our GDP which will incorporate other sectors that apparently had not been included before. That will have a significant positive effect on our GDP estimates. So I think that, besides our actual organic growth, we will see quite a good performance. Now I don’t want to be overly optimistic because we also have headwinds in the sense of inflation and the war in Ukraine and the overall effect that that has on the global economy, especially our major trading partners but we are doing well.”