Belize’s economic report for 2008

According to Prime Minister of Belize Dean Barrow, major shocks to the Belize economy were made by the challenges that were even more severe for 2009-2010 than for 2008-2009. Barrow explained that the challenges come from 3 major sources: the 2 natural disasters of 2008, a rapid slump in the world price of petroleum, and the economic and financial meltdown in industrial countries.

The 2 major weather disasters struck Belize in June and October 2008 and cost the jurisdiction a reported USD 132 million in damages.

Nevertheless, the Statistical Institute of Belize reported that the Belize economy grew by 3.8% during 2008, which is an increase from a reported 1.2% for 2007.

Prime Minister Barrow said: “While the global economic downturn will be affecting some sectors like tourism and may weaken international prices for our exports, the Statistical Institute of Belize is still projecting GDP growth to be between 2.5% and 3.0% for 2009”.

Belize’s GDP is projected to surpass USD 3 billion in 2009.

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