Unemployment hits historic low of 2.8% in Belize, PM Briceño announces in Independence Day address

Published by [email protected] at September 22, 2023

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Posted: Friday, September 22, 2023. 11:08 am CST.

By Horace Palacio: “Unemployment is at a historic low, 2.8 percent,” announced Prime Minister Briceño, during his Independence Day speech yesterday. With this milestone, Belize is as close as it has ever been to full employment, a key indicator of the nation’s economic health.

This remarkable achievement in employment was framed within broader economic successes. Citing a recent mid-year review by the International Monetary Fund (IMF), PM Briceño revealed that Belize is on track for economic expansion in 2023. “We have vastly outperformed IMF projections in 2021 and 2022, and we are confident that 2023 will extend this trend,” the Prime Minister stated.

In addition to employment figures, the Prime Minister also noted positive trends in inflation. “Especially pleasing is the forecast for domestic inflation, expected to fall from 6.1 percent last year to 3.7 percent this year,” said Briceño.

The Prime Minister was keen to stress that these economic milestones have been achieved without jeopardizing the nation’s fiscal health. “A primary fiscal surplus of 1.2 percent is projected for this year, while the public debt is anticipated to fall below 60 percent of GDP,” Briceño added.

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