GEOGRAPHICAL NAMES

Economy - overview:
Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. Growth slipped to 0% in 2009, and has remained at just over 2% per year during 2010-12, as a result of the global slowdown, natural disasters, and a temporary drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. In September 2012, the government defaulted on a $23 million payment on its global bond and is in talks with international bondholders to restructure the debt. The $544 million global bond due in 2029 - called the superbond because it was the product in 2007 of a debt consolidation - represents one-half of the country's public debt. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

GDP (purchasing power parity):
$2.896 billion (2012 est.)
country comparison to the world: 180

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