By BBN Staff: The Caribbean Development Bank (CDB) recently held its annual press conference, during which the report on Belize showed sluggish GDP growth at only .6% and was name as one of only five countries in the region whose debt grew in 2017.
CDB President Dr. W. Warren Smith, however, believes Belize can rebound and improve its financial outlook.
“We have been investing in infrastructure projects in Belize which are very targeted. Belize is a large country compared to the population that it has so the infrastructure needs are great and they have challenges on the social sector side because you have a lot of inward migration into Belize because the borders are pretty open so there’s a challenge to try to keep up with the requirements for adequate education and other services to the people of Belize,” Smith said.
He added that the increase in public debt is a challenge and said “this is not the first time Belize has had to address its debt issues. What we are hopeful of is that they will adopt measures which will not require them to necessarily take the kind of stringent approaches that were taken to debt reduction in the past because that creates confidence problems with investors. But by getting growth and by ensuring that you fiscal deficit is kept under control I think you will see that they are able to come out of the situation they are in currently.”
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