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Belize Systematic Country Diagnostic

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dc.contributor.author World Bank Group
dc.date.accessioned 2016-03-15T17:29:52Z
dc.date.accessioned 2017-12-16T00:04:13Z
dc.date.available 2016-03-15T17:29:52Z
dc.date.available 2017-12-16T00:04:13Z
dc.date.issued 2016-01-29
dc.identifier.uri http://hdl.handle.net/10986/23953
dc.description.abstract Belize has a rich history that dates back thousands of years. The country was first inhabited by the Mayans with records of their presence dating from 1500 BC. The first recorded European settlement was established circa 1638 by the British who called the country the Colony of British Honduras. The official name of the territory was changed from British Honduras to Belize in June 1973, and full independence was granted on September 21, 1981. There were several obstacles in the path toward independence, as illustrated by Guatemala's long-standing claim to the entire territory. It was only in November 1980, after several frustrated negotiations with Guatemala that Belizean diplomacy managed to obtain international support that led to the United Nations passing of a resolution that demanded the independence of Belize, but it was only in 1992 that Guatemala formally recognized Belize’s independence. After independence, Belize successfully implemented a development strategy which emphasized economic diversification and private sector development at a time where the terms of trade were favorable to the country. As a small, open economy, that is also extremely vulnerable to climate change and natural disasters, Belize’s ability to promote faster poverty reduction and greater shared prosperity will depend on how well the country deals with its main sources of vulnerability. In addition to weaknesses in infrastructure and in the skills of the labor force, several studies have pinpointed crime and violence and problems in the financial sector as important deterrents to growth. The analysis in this report confirms the centrality of these two factors. The predicament in the financial sector is largely driven by the small economic size of the country and the lack of competition in the banking sector, a common feature in small state economies that limits the availability of credit to small and medium enterprises. Stability issues in the sector complicate matters as these impose non-negligible risks to the health of the financial sector. On the other hand, the rise in the inflow of migrants from neighboring Central American countries with a history of crime and violence has been raised as a potential cause for high crime rates in Belize, but there is not enough evidence to substantiate that claim at this point. Policy interventions that could help halt the rise in criminality rates include ramping up the quality of education, keeping children at school, promoting education equivalency programs and job training, besides more direct approaches such as investing in safe neighborhood programs. en
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject GROWTH POLICIES
dc.subject LIQUIDITY
dc.subject WTO
dc.subject ADVERSE IMPACT
dc.subject INCOME LEVELS
dc.subject THEORY
dc.subject SAVINGS
dc.subject INCENTIVES
dc.subject GROSS NATIONAL SAVINGS
dc.subject UNEMPLOYMENT
dc.subject TRADE
dc.subject WEALTH
dc.subject CENTRAL BANK
dc.subject CONSUMERS
dc.subject GROSS FIXED CAPITAL FORMATION
dc.subject POSITIVE EXTERNALITIES
dc.subject PRODUCTIVITY
dc.subject ECONOMIC SIZE
dc.subject ELASTICITY
dc.subject CONSUMER PRICE INDEX
dc.subject ECONOMIES OF SCALE
dc.subject POLITICAL ECONOMY
dc.subject MIDDLE INCOME COUNTRY
dc.subject DEBT
dc.subject TRADE POLICY
dc.subject GROSS DOMESTIC PRODUCT
dc.subject DEVELOPMENT
dc.subject TOTAL FACTOR PRODUCTIVITY
dc.subject DIRECT VALUE
dc.subject OUTCOMES
dc.subject PROPERTY RIGHTS
dc.subject DEVELOPMENT PROJECTS
dc.subject MACROECONOMIC POLICIES
dc.subject INFLATION RATE
dc.subject GINI COEFFICIENT
dc.subject NATIONAL INCOME
dc.subject NATURAL RATE OF UNEMPLOYMENT
dc.subject TRADE POLICIES
dc.subject AIR POLLUTION
dc.subject PRODUCTION FUNCTION
dc.subject VALUE
dc.subject DISCOUNT RATE
dc.subject WORKERS’ SKILLS
dc.subject GROWTH POTENTIAL
dc.subject MACROECONOMIC MANAGEMENT
dc.subject GDP PER CAPITA
dc.subject REAL GDP
dc.subject FINANCIAL SECTOR
dc.subject ASSETS
dc.subject RISKS
dc.subject OPPORTUNITY COSTS
dc.subject LIVING STANDARDS
dc.subject ECONOMIC GROWTH
dc.subject ECONOMIC INEQUALITY
dc.subject INTEREST
dc.subject FORECASTS
dc.subject CAPACITY BUILDING
dc.subject PRICE INCREASES
dc.subject OPEN ECONOMIES
dc.subject DEVELOPMENT STRATEGY
dc.subject TAXATION
dc.subject DEVELOPMENT ECONOMICS
dc.subject WAGES
dc.subject WAGE DIFFERENTIALS
dc.subject COMPETITIVENESS
dc.subject UNEMPLOYMENT RATES
dc.subject DECISIONS
dc.subject OPTIMIZATION
dc.subject WELFARE
dc.subject INPUTS
dc.subject EQUILIBRIUM ANALYSIS
dc.subject INCOME TAXES
dc.subject AGRICULTURE
dc.subject MACROECONOMIC CONDITIONS
dc.subject PAYMENTS
dc.subject ECONOMY
dc.subject UNEMPLOYMENT RATE
dc.subject NATURAL RESOURCES
dc.subject DAMAGES
dc.subject MIDDLE INCOME COUNTRIES
dc.subject EXPORT GROWTH
dc.subject COMPETITIVE ADVANTAGE
dc.subject GENERAL EQUILIBRIUM ANALYSIS
dc.subject GDP
dc.subject CONSUMPTION
dc.subject BENCHMARK
dc.subject FAILURES
dc.subject TOTAL OUTPUT
dc.subject BANKRUPTCY
dc.subject GROWTH RATE
dc.subject INCOME
dc.subject EXTREME POVERTY
dc.subject MARKETS
dc.subject INCOME EFFECT
dc.subject UTILITY
dc.subject COSTS
dc.subject FISCAL POLICY
dc.subject CAPITAL
dc.subject USE VALUE
dc.subject COMPLEMENT
dc.subject TAXES
dc.subject INDUSTRIAL ECONOMIES
dc.subject GOODS
dc.subject ECONOMIC PERFORMANCE
dc.subject ECONOMIC SITUATION
dc.subject INFLATION
dc.subject ECONOMIC FLUCTUATIONS
dc.subject REGULATORY FRAMEWORK
dc.subject EXPECTATIONS
dc.subject VARIABLES
dc.subject ECONOMIC INFORMATION
dc.subject COMPETITION
dc.subject BENCHMARKING
dc.subject VALUE ADDED
dc.subject DISTRIBUTION
dc.subject MACROECONOMIC STABILITY
dc.subject TRADE BARRIERS
dc.subject PROFIT MARGINS
dc.subject INFLUENCE
dc.subject PRICES
dc.subject FINANCIAL CRISIS
dc.subject PER CAPITA INCOME
dc.subject EXTERNALITIES
dc.subject DECLINING WAGES
dc.subject INTEREST RATE
dc.subject FISCAL POLICIES
dc.subject LENDING
dc.subject TELECOMMUNICATIONS
dc.subject ECONOMIC CONSTRAINTS
dc.subject COMPARATIVE ADVANTAGES
dc.subject HUMAN CAPITAL
dc.subject EXPORTS
dc.subject CONSUMPTION LEVELS
dc.subject ADVERSE IMPACTS
dc.subject INVESTMENT
dc.subject PRODUCTION
dc.subject COMPARATIVE ADVANTAGE
dc.subject CRITERIA
dc.subject TARIFF BARRIERS
dc.subject DEMAND
dc.subject TRENDS
dc.subject OPEN ECONOMY
dc.subject CREDIT
dc.subject MONETARY POLICY
dc.subject GROWTH THEORY
dc.subject DIVIDENDS
dc.subject REAL INTEREST RATE
dc.title Belize Systematic Country Diagnostic en
dc.type Report en
dc.rights.holder World Bank


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