Economic Growth Starting to Slow in 2023?

Prime Minister John Briceño

Additional data coming out of the Statistical Institute of Belize also shows that the G.D.P. growth for the second quarter in 2023 was two point six percent. This is the lowest G.D.P. growth since 2018. So, is the nation’s economic growth beginning to slow down? This is what reporters asked the Prime Minister today in Belize City.

Prime Minister John Briceño

“It would be difficult for us to keep fifteen and twelve percent growth. This was forecasted that it was going to slow down. Our first quarter we had about twelve percent and our second quarter, a lot of it if you look at it is the agricultural commodities are not doing well. Citrus is at its lowest and as it is right now the ministry of agriculture is working with the CPBL and the citrus growers association trying to come up with a plan to revive. Shrimp is finally coming out of the challenges of the Early Mortality Syndrome. Banana has a disease that has been affecting them for the past year or so. So, we were expecting some of this. But as a government we are planning a meeting on Friday as a small group to see what are the things we need to do to be able to continue to have growth. Our target is to have a minimum growth of five percent GDP per year. So, now we need to look at what are the sectors that need some kind of help and what is the help can we give to ensure we can continue that growth that Belize has been since we got into government in November 2020.”