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This 2019 Article IV Consultation with Belize focused on structural reforms to raise growth and social inclusion; strengthening resilience to natural disasters; balanced medium-term fiscal consolidation; tax reform; and strengthening financial oversight and anti-money laundering and combating the financing of terrorism actions. Public debt remains above 90 percent of gross domestic product, the current account deficit is projected to remain large over the medium term, and international reserves are just below three months of imports of goods and services. The pace of structural reform has been slow. Downside risks, including from slower US growth, natural disasters, crime, and renewed pressures on correspondent banking relationships could weaken growth and financial stability. Belize is adapting its tax regime in response to concerns from multilateral institutions regarding potentially harmful features. Sustaining Belize’s recent economic expansion, spurring private investment, and facilitating structural diversification hinges on strengthening the business environment.

Belize --- Economic conditions. --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Fiscal policy. --- Civil service & public sector --- Climate --- Debt Management --- Debt --- Debts, Public --- Economic sectors --- Environment --- Finance --- Finance, Public --- Financial Institutions and Services: Government Policy and Regulation --- Financial services industry --- Financial services --- Fiscal Policy --- Fiscal policy --- Fiscal stance --- Gambling --- Global Warming --- Hospitality, leisure & tourism industries --- Industries: Financial Services --- Industries: Hospital,Travel and Tourism --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Public debt --- Public finance & taxation --- Public Finance --- Public sector --- Recreation --- Restaurants --- Sovereign Debt --- Sports --- Taxation --- Tourism

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Belize’s economic growth has slowed over the last five years, following decades of outperforming regional peers. As in other countries in the region, a central challenge is exiting the cycle of low growth and elevated public debt. Belize’s 2017 debt rescheduling provided cash flow relief. In March 2017, the government reached a restructuring agreement with private external bondholders on its US$526 million bond (about 30 percent of GDP).1 As part of the agreement, the authorities committed to tighten the fiscal stance by 3.0 percentage points in FY2017/18 and to maintain a primary surplus of 2.0 percent of GDP for the subsequent three years. The authorities are delivering on these commitments and have made progress in implementing recent Article IV recommendations (Annex I).

Belize --- Economic conditions. --- Balize --- Belice --- Government of Belize --- Wilisi --- Beliz --- Беліз --- Belisa --- Белиз --- Република Белиз --- Republika Beliz --- Commonwealth of Belize --- Μπελίζε --- Belizo --- Belici --- Belis --- Bheilís --- Veleesh --- Beilise --- בליז --- Beliza --- Belizas --- Белизе --- ベリーズ --- Berīzu --- Beles --- Bilisi --- Белізе --- Belizi --- Bhelizi --- Belise --- Belisän --- Beliis --- בעליזע --- בּעליז --- Belėzos --- 伯利兹 --- Bolizi --- British Honduras --- Banks and Banking --- Macroeconomics --- Public Finance --- Natural Disasters --- Criminology --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Illegal Behavior and the Enforcement of Law --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Government Expenditures and Related Policies: General --- Public Enterprises --- Public-Private Enterprises --- Public finance & taxation --- Corporate crime --- white-collar crime --- Banking --- Natural disasters --- Civil service & public sector --- Public debt --- Fiscal stance --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Fiscal consolidation --- Expenditure --- Fiscal policy --- Crime --- Public sector --- Economic sectors --- Debts, Public --- Money laundering --- Banks and banking --- Finance, Public --- Expenditures, Public --- White-collar crime