PM Briceno Highlights Strong Economy in State of the Nation Address

Prime Minister John Briceno’s 21-minute State of the Nation address was delivered from the steps of the Sir Edney Cain Building in Belmopan this morning.  It encompassed the current state of the economy which he described as being stronger than ever since the country’s independence.  His address was confined to the booming sectors of the country including BPO and Tourism which he says have contributed significantly to employment.

John Briceño, Prime Minister of Belize: “I am happy to report that the State of the Nation is stronger, more hopeful and more confident than at any time in our 43 years. For the first time ever, 97 out of every 100 Belizeans who want a job, have found one. The SIB reports that the unemployment rate stood at 3 percent since April of this year. Never before have so many jobs been available and never before has the minimum wage been so high. In fact, as employers can attest, the jobs boom in the BPO sector and in the tourism industry, as two examples, has brought about a skilled-la-bour shortage. This historic productivity spread across multiple economic sectors has seen our annual gross production grow by more than 34 percent since 2020. Gross domestic production as of the end of 2023 has now surpassed 6 billion dollars, the highest level in the country’s history and in the first quarter of this year by another 10 percent. And the conditions for continued expansion are compelling: inflation is down, falling from 6.3 percent in 2022 to 3.8 percent in 2024; banking sector liquidity is abundant, exceeding 800 million dollars; the Belizean dollar is stronger, with over 1.9 billion dollars in Foreign Assets; public finances have been transformed in just 4 years, with public debt down to 63 percent of GDP from 130 percent in 2020, fortified by a primary budget surplus of 1 percent of GDP.”

In reference to the BPO sector, Prime Minister Briceno noted the evolution of working conditions and environments in the country, including daycare for workers with young children as well as remote offices.

John Briceño, Prime Minister of Belize: “The global digital services sector, commonly referred to as the BPO sector, is now able to benefit, with specific features enabling and encouraging investments in work-from-home arrangements and on-site daycare for single mothers. MSMEs are now better poised to benefit from simplified and user-friendly processes and features that encourage formalization. This sector is certainly a major priority for this government. The contribution to economic activity and employment of this sector cannot be overstated. Entrepreneurship is key to the development of an economy, sustainability of communities, and the building of a nation.”