Belize

Since gaining independence in 1981, Belize’s economy has experienced relatively stable, albeit unspectacular growth. However, since the international financial crisis of 2008, per capita incomes have fallen, and unemployment rates remain stubbornly high. Most worrying has been the high rate of external indebtedness, making it very difficult for the government to invest in the programmes that might improve labour productivity and allow the country to end the stagnation in gross domestic product per head. The Belizean economy has therefore fallen into a debt trap that prevents it from growing – not poor enough to qualify for debt relief, but not rich enough to find the resources to restructure its economy for more rapid growth.