Overview

Belize is an upper middle-income country in Central America with close sociopolitical and economic ties to the Caribbean. With a population of around 400,000, Belize’s economy depends on tourism, agriculture, and remittances. The country has strengthened fiscal management and reduced public debt in recent years, while expanding social programs and access to health care. Despite these gains, challenges persist, including poverty, limited credit access, high informality, and vulnerability to energy prices and natural disasters.

Economic Outlook

After GDP growth of 3.5% in 2024, activity has begun to moderate in 2025 as tourism and agriculture slow. GDP growth is projected at 1.5% in 2025, with medium-term growth expected to rise above 2% as tourist arrivals pick up. Inflation eased to 3.3% in 2024 and a further 0.8% by mid-2025. Fiscal performance improved in 2024-25, with a primary surplus of 1.6% of GDP and public debt declining to 68.1% of GDP; debt is projected to fall to about 59% by 2027.

In 2024, a little over 15% of Belizeans lived on less than US$8.30/day (2021 PPP), and 22% were multidimensionally poor (higher in rural areas and among children, large households, and Mayan communities). With continued growth and low inflation, poverty is projected to edge down to ~15% in 2026 and by 2027.

Global uncertainty, higher interest rates, and natural disasters could slow growth and delay fiscal progress, while successful execution of large infrastructure projects could provide an upside. The country’s priorities include strengthening resilience, improving access to finance, and expanding economic opportunities for women and rural households.

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Country Office Contacts

For general information and inquiries, as well as for project-related issues and complaints.