Belize’s unemp l o y m e n t r a t e has fallen to 3%, marking the lowest level in the nation’s history, Prime Minister Hon. John Briceno underscored during his State of the Nation Address on Tuesday. "For the first time ever, 97 of every 100 Belizeans who want a job have found one," said Briceño, attributing the employment boom to growth in the BPO and tourism sectors.
The Prime Minister also noted a strong increase in the country’s GDP, which grew by more than 34% since 2020. As of the end of 2023, Belize’s GDP surpassed $6 billion, and the first quarter of 2024 saw a further 10% expansion.
Briceño called the economic performance “historic,” pointing to “remarkable strides” across various sectors, especially tourism, where overnight arrivals surpassed pre-pandemic levels by 15%.
Belize’s inflation rate fell from 6.3% in 2022 to 3.8% this year, further stabilizing the economy. The banking sector remains strong, with over $1.9 billion in foreign assets and liquidity exceeding $800 million. "The Belizean dollar is stronger," Briceno emphasized, pointing to this as evidence of the country's growing financial resilience.
Foreign direct investment (FDI) has also played a pivotal role in Belize’s economic expansion, with inflows totaling $320.2 million in 2023. Projections for 2024 suggest FDI will surpass last year’s totals by 20%, driven by legislative reforms aimed at attracting investors.
Comments