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EIU Belize

Overview

Although the countries of the Caribbean Community (Caricom) will continue to enjoy broad political stability in the outlook period, there is a risk of increased volatility as most countries endure deep recessions and Unemployment rises. As governments attempt to deal with severe fiscal constraints amid rising levels of public debt, inequality and poverty levels will rise, reversing much of the progress made in the past decade. However, the Economist Intelligence Unit does not expect rising discontent to threaten the region's long democratic tradition. Earnings from the tourism sector, the region's main source of employment and foreign exchange, will remain weak in the outlook period as economic growth in the US and UK slowly recovers following deep recessions in 2009. Economic recovery in the Caribbean will lag a recovery in the US and UK by at least six months. As such, most economies in the region will not return to positive real GDP growth until the second half of 2010. In 2011 growth will again slow, owing to a renewed reduction in US domestic demand as the impact of the 2009 fiscal stimulus fades. The public finances will remain under pressure in most countries during the outlook period, owing to weak revenue collection. Extremely high levels of public debt will continue to threaten fiscal stability in an economic environment characterised by extremely tight liquidity. Throughout the region, the illegal drug trade will continue to represent a threat to security and stability.

Key Reports Available for Belize
  • Country Report
  • Country Profile
  • Basic Data

    Land area
    22,963 sq km
    Population
    311,500 (Central Statistical Office estimate, mid-2007)
    Main towns
    Population in '000, official estimate mid-2005
    Belize City: 60.8
    Orange Walk Town: 15.3
    San Ignacio and Santa Elena: 16.8
    Belmopan (capital): 13.5
    Corozal Town: 8.8
    Climate
    Subtropical
    Weather in Belize City
    Hottest month, August, 24-31°C (average monthly minimum and maximum); coldest month, January, 19-27°C; dry season, February-May; wet season, June-October. Annual average rainfall, 1,270 mm (north); 4,318 mm (south). The country is periodically subject to tropical storms and hurricanes
    Languages
    English (official), Creole and Spanish
    Measures
    UK (imperial) system; fuel is measured in US gallons
    Currency
    Belize dollar (Bz$)=100 cents. Pegged at Bz$2:US$1
    Time
    6 hours behind GMT
    Public holidays
    January 1st, March 9th (Baron Bliss Day), Good Friday, Easter Saturday, Easter Monday, May 1st, September 10th (St George's Caye Day), September 21st (Independence Day), October 12th (Columbus Day), November 19th (Garifuna Settlement Day), December 25th and 26th
    SOURCE: Country Profile


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