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Belize experiencing solid growth, but not at pre-pandemic levels yet due to dependence on tourism, says Inter-American Development Bank

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Posted: Thursday, March 17, 2022. 10:03 am CST.

Photo Credit: IDB

By Rubén Morales Iglesias: Belize is experiencing solid growth, but due to our dependence on tourism the country won’t reach pre-pandemic levels before late 2022 or 2023, according to a Central American Group Activity Report by the Inter-American Development Bank.

The IDB said Central America, Panama, and the Dominican Republic experienced “across-the-board economic recovery in 2021” but the region is facing challenges, although the region experienced as “different countries moved at different pace”.

The latest IDB Group Activity Report said Costa Rica, El Salvador, Guatemala, Nicaragua, and the Dominican Republic have already recovered pre-pandemic economic activity levels, but Belize, Panama, and Honduras are lagging behind.

Honduras hasn’t recovered as it was the country hardest hit by hurricanes while Panama, which was “expected to post the biggest growth in the continent in 2021, is unlikely to return to its pre-pandemic levels before late 2022 or 2023 due to the severe economic impact of the 2020 confinement”.

The IDB Group said in 2021 it invested $3.38 billion in support of the productive sector. Financing was provided for recovery from the Covid-19 crisis, employment, value chains, and digitalization.

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