Belize’s economy slumped into a recession during the second half of 2016; however, it has now recovered. Nevertheless, the economy has been very sluggish, to say the least, and the superbond, as well as the huge trade deficit, does not help the situation. Barbados whose money is also pegged to the US dollar is facing economic problems so much so that their Prime Minister Mia Motley reached out to the IMF for assistance to get its economy back on track. The media asked Prime Minister Dean Barrow whether Belize will have to resort to the same measures.
Prime Minister Dean Barrow: We are not nearly at that level where they have to turn to the IMF, we are steady as she goes, there is ofcourse the need for us to keep on an even Keel with respect to the debt over hand. We need to bring down the debt GDP ratio so that it can be improved from where it is but we’re not in dire straits, we are not undergoing a crisis so all we need to do is maintain I repeat “as steady as she goes course” and come out of this period of consolidation and begin to record the kind of growth we would like to see and that we achieved in the past, begin to achieve that once again.
Belize’s GDP continues to fluctuate.