Posted: Wednesday, November 9, 2016. 11:00 am CST.
By BBN Staff: Belize’s economy, currently in a recession, may be further affected in the days ahead as uncertainty clouds global financial markets.
With Donald Trump’s astounding ascension to Commander in Chief of the United States, the US dollar has strengthened while the Mexican peso has weakened and fallen to an all time low.
Currently, one US dollar is worth an estimated 20 Mexican pesos.
This decline in the Mexican peso, however, may positively affect its tourism and increase the arrival of American tourists to the country as American spending power in Mexico increases.
It is unknown how the election will affect Belize’s own tourism sector. It could go either way, or perhaps it has little effect. Belize, however, is not economically poised or positioned for a decline in tourist arrivals and is in need of all possible revenues.
But Belize stands to lose more domestic revenues as citizens seem poised to take Belizean dollars to Chetumal, where many hope to get more bang for their buck.
Hundreds of Belizeans have already indicated on Facebook that they intend to do most of their Christmas shopping in Chetumal.
For reference, 1 US dollar is equivalent to 19.97 Mexican pesos while 1 Belize dollar is equivalent to 9.91 Mexican pesos.
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