Prime Minister: Belize “on the right track” with economy three years into term

By Aaron Humes: In opening his 2024 Budget Speech, Prime Minister John Briceno said you don’t have to take his word for it that his administration is “on the right track.”

You can believe the International Monetary Fund (IMF) – who recently gave a positive review of Belize’s efforts – or the results of the recent municipal elections, in which eight of nine towns gave the People’s United Party their support.

While economic growth has decelerated to 4.5 percent after growing by leaps and bounds in 2021 and 2022, it is expected to remain steady moving forward at a 3.5 percent clip. This is amid a global slowdown due to various pains of war and inflation.

96 to 97 of every 100 Belizeans now have paid work, the P.M. said, and this is expected to also remain steady in the medium term.

The public debt as a percentage of gross domestic product (GDP) has effectively been halved from 132 to 66 percent of GDP and is expected to decline further to about 60 percent of GDP.

From 6.3 percent in 2022, inflation is expected to fall to 4.4 percent in 2023, and level off to about 3.1 percent, and then to 1.3 percent in the medium term.

“The dollar is not stretching the way that it used to, but this is not the fault of the Government,” Briceno explained, stating that the Government has no control over the costs of imports such as petroleum and shipping containers. The minimum wage increase legislated at the start of 2022 to $5 per hour has lifted wages across the board, however, such as in tourism and business process outsourcing.

Public officers have their increments back, and some are working with the Government to nail price-gouging violators. An effort to ensure Belizeans buy more Belize-made goods also continues.

The Government collected $29.7 million more than expected in 2023 in revenue including grants.

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