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How has COVID-19 Affected the Economy?

Moving on now to an economic look at the effects of the virus, we can undoubtedly tell you that the COVID-19 pandemic has wreaked havoc on economies worldwide. Here in Belize, the magnitude of the domestic meltdown is still being assessed. While there are signs of economic recovery, Belize remains in the middle of an economic crisis. This is what the Governor of the Central Bank of Belize, Gustavo Manuel Vasquez, said during the Business Perspective on The Morning Show today. According to Vasquez, the immediate impact of the pandemic last year was in excess of fourteen percent of GDP. There is a one point two percent projected growth this year and a further six percent next year. Interestingly, however, that growth relies greatly on the number of persons vaccinated.

Gustavao Manuel Vasquez, Governor, Central Bank of Belize: “The main instrument that we have to expedite economic recovery is not monetary policy or fiscal policy tools although they’re very very helpful to mitigate the immediate impact but the main instrument we have really is vaccinations, at the moment. Not only monetary and fiscal policies for once it is vaccinations. So therefore reaching herd immunity at the earliest opportunity is going to place Belize in a quicker pathway of economic recovery and it’s going to provide us with a first mover advantage especially in tourism that would make Belize an attractive place and a safe place to visit and gives us an extra boost not only for now but for a post COVID era of prosperity.”

For a more indepth view of the economy amid the pandemic, you can see the show in its entirety on our Facebook Page – Love FM – News and Music Power.