The economy growth in Belize has leapt quite significantly in the last few years. The rapid acceleration in the country’s economy has resulted in attracting a large number of business investors towards its region. Belize has a unique geographic location, which makes it placed between the two biggest continents, North America and South America and the area is surrounded by natural destinations like the offshore locations and island. The islands count in Belize varies between 450 to 600. Belize also shares its boundaries with the Caribbean Sea, which makes it accessible for people from the Caribbean Islands quite feasibly. Owning to its natural geology Belize is home to many agricultural products and exports a high amount of natural products to boost its economy. In the past few years, Belize has seen a steep surge in its agrarian market, making it an attractive sector for the investors.
Apart from the agriculture enterprise, which is the primary source for the country’s economy, Belize has other business sectors as well. Tourism and consulting services are the other major sectors that contribute to the country’s economy. Belize is a developing nation, and its uprising economy will have a significant effect on upcoming business prospects that are planning to set up in the country.
Current Outlook of Belize’s Economy
Belize has limited outsourcing sectors; thus, the industries contributing to the country’s economy are limited. The cultivation sector and the private enterprise has been presenting new opportunities to business prospects across the country. The current economic condition of the country is ranked on the 123rd number in world rankings of free nations. However, the ongoing growth of the country’s economy has decreased in the first quarter of 2019, and the overall economic freedom score of the country has reduced by 1.7 points and is around 55.4 ranking them at 24th rank among the 32 countries in the American Continent. The country’s economy showed a promising rise throughout the year 2018 but hasn’t been able to continue its growth this year. The Business sector in Belize has a lot to offer and has a very promising response towards new investments in the region.
The tourism industry, however, has continued to impress and has seen many positives in the sector. The first quarter of 2019 has also seen a significant rise in merchandise exporting with the country, making a good amount of economic growth by exporting its products to its major exporters. Belize exports its agricultural and industrial products like Sugar, bananas, citrus fruits, clothing, fish products, wood, crude oil to many countries. The export industry makes its profit share mainly from six countries, which are the United Kingdom, United States, Nigeria, Trinidad and Tobago, Ireland and Jamaica. These countries contribute 30.8%, 18.7%, 6.7%, 4.8%, 4.2% to export sector of Belize.
Belize has a restricted domestic industry with relatively high-cost labour and has limited opportunities in the domestic market. However, the Tourism industry of the country continues to surge hence attracting more foreign investments to the country. Apart from the local earnings through these sectors, Belize also imports some resources from other countries. The major goods that country imports consist of Industrial products like machinery and transport equipment, manufactured goods, fuels, chemicals, pharmacy products, food, beverages. The major import partners of Belize are United States, Mexico, Cuba, Guatemala, China, Trinidad and Tobago, India. These countries share the import share of 26.6%, 11.7%, 10.2%, 9%, 7.5%, 5.6%, 4% respectively. The acceleration in the economy of the country owes itself to a high amount of sugar exports in the region, and this resulted in a large number of shipments delivered to the major exporters, thus improving the country’s economy. Other agricultural products also led to the surging of the export industry.
Upcoming Aspects of Country’s Economy
The economic growth of Belize is expected to decelerate in 2019 since the industrial sector of the country, not looking good to make enough profit. The reason that can be blamed behind the expected decrease in economic growth can be the lack of resources in the sector. Lacklustre construction activity and inefficient electricity supply have led to the market loss in many ways. Less water generation also has affected many industries in the region. The moderate growth in the service sector of the country is expected to slow down, which may lead to much lesser trade opportunities in the country’s business sector. However, after all these speculations, the gross GDP of the country is expected to grow by 2.3% by the end of 2019. So, the business sector still has a lot in store to offer for individual business prospects around the globe, which can invest in the vibrant industrial structure of the country.
How Can We Help?
The Government of Belize is working very hard to attract maximum foreign investments to the country to help improve the economy of the country.
We here at Business Setup Worldwide are a group of consultancy experts. Our team are well known to all business strategies and requirements that you need to know for setting up business across Belize. We can help you with all your business-related queries, feel free to contact us in any such case.