7 News Belize

Belize’s Economy Contracted, Contrary to CDB Projections
posted (February 17, 2017)
And, the private sector is important because the CDB says they have to lead any economic recovery. Belize is one of only three Caribbean nations - who are members of the bank - to show negative economic growth in 2016. The original forecast from the CDB said Belize's economy would grow, but it did the opposite. Today in Bridgetown Barbados at the CDB headquarters, Jules Vasquez asked why:

Dr. Justin Ram - Director of Economics, CDB
"2016 proved to be a difficult year for economies around the world. Advanced economies' output growth decelerated, while emerging markets stagnated and the Latin American and Caribbean region declined. Collectively this amounted to a slight deceleration in global growth. Most of CDB's borrowing member countries' economies grew in 2016 but there were contractions also. The mainly serviced oriented economies of the banks BMC's recorded positive growth in 2016. While the predominant commodity exporters, except Guyana I should add, contracted. Belize recorded a modest decline while significant contractions were recorded in Trinidad and Tobago, where that economy declined by 5%, and Suriname, which declined by further 9%. Average growth across the region, therefore, was -0.9%, compared with -0.4% in 2015."

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7 News Belize