Positive Economic Outlook for 2023

Prime Minister John Briceño

And, in our final story for tonight on the 2023/2024 budget, Prime Minister Briceño delved deeper into Belize’s economic growth in 2022 while being interviewed outside of the Assembly Building on Friday. And, according to the Prime Minister, Belize’s economic growth is on pace to surpass the performances of 2021 and 2022, with more BPOs entering the market and a significant increase in tourist arrivals at the start of 2023. Here is how he puts it.

Prime Minister John Briceño

“Now here we have five percent unemployment rate and it is simply because the economy have been growing very fast. WE have now surpassed the economy of 2019 and that is because tourisms still was not at the 2019 level. That in effect will tell you and when you start to see the numbers for this year, January levels the arrivals was higher than January 2019 which was the highest record they have. So, obviously with the tourism growing and the tourist have to eat so they buy vegetables, meat, corn, and they have all of the products that we produce. So, it has a ripple effect in the entire economy. Just yesterday I was talking to Mrs. Garcia, the CEO for Investment, my CEO and she showed me about four new applicants for BPOs that they want to come to Belize to hire more people. The evidence is there. The economy has bounced back way quicker than what the IMF predicted six percent growth, we doubled their production. In 2021, they said three percent, we quadrupled, probably five times the growth rate than what they expected.”