BELMOPAN, Belize, CMC:
Belize is expected to record economic growth of at least four per cent this year, led by a recovery from last year’s effects of weather-related damages in commodity exports as well as recovery in tourism and electricity, the International Monetary Fund (IMF) has said.
An IMF delegation, headed by Gerardo Peraza, Thursday ended a two-week visit conducting the yearly review of the Belize’s economy. He said Belize is experiencing an output rebound despite the decline in oil production.
“In 2012, real Gross Domestic Product (GDP) growth is expected at 3.5-4 per cent,” he said, noting that inflation, which stood at 1.5 per cent in January-August, has been easing as commodity prices pressures abate.
Peraza said that the current account deficit is expected to narrow to 2.3 per cent of GDP, down from 2.5 percent of GDP in 2011, thanks to higher inflows from tourism, lower repatriation of dividends by foreign companies operating in Belize, and higher remittances, despite a moderate widening of the trade deficit in goods.