IMF’s report on the state of Belize’s economy

In economic news, a team from the International Monetary Fund, led by Jacques Bouhga-Hagbe, has concluded a consultation mission to Belize on the state of the economy.  The report issued by the IMF says that the economy is estimated to have grown by only point seven percent in 2013 due to the continued decline in oil production and weak agricultural output, especially sugarcane and citrus. While the quarterly and annual figures have been made public by the Statistical Institute of Belize, the IMF indicates that over the medium term, the G.D.P. growth is expected to remain at two point five percent a year, as decreasing oil production would be balanced by higher output of other commodity exports, tourism, as well as construction.  Inflation, according to the report, is projected to remain low, as a result of the exchange rate, among other factors.  During the visit, the team met with P.M. Barrow, Financial Secretary Joe Waight, Central Bank Governor Glen Ysaguirre and other government officials.  The mission, in meeting with the various representatives, expressed the view that existing efforts to further bolster the banking system should continue.