In-depth country-focused analysis on Belize's economic, political and operational risk environment, complemented by detailed sector insight


Our comprehensive assessment of Belize's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Belize, as well as the latest industry developments that could impact Belize's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Belize before your competitors.

Belize Country Risk

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Core Views

  • Belize will post slower growth rates over the next decade than over the previous 20 years, underpinned by our expectation that productivity gains will remain limited. Furthermore, the government will be unable to pursue much-needed reforms in infrastructure and education due to a lack of available funding, further dampening Belize's long-term growth prospects.

  • Belize's current account deficit will remain substantial over the 10-year forecast period due to declining oil production and weakening export growth.

  • Public debt sustainability will remain precarious over the next several years, as Belize's debt load continues to grow. A rising debt burden, combined with a history of defaults, will drive up financing costs and increase rollover risk in the country.

  • Belize will...

Belize Industry Coverage (5)

Belize Agribusiness

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BMI View: Central America's agribusiness industry will continue to grow - albeit inconsistently across sectors - through to the end of our forecast period in 2019/20. Along the way, the different sectors of the market will be forced to fight against headwinds that will directly impact output growth across some countries in the region. As a result of rising incomes and growing populations, as well as an improving real GDP outlook for the region, demand growth will outstrip supply growth in the livestock...

Belize Infrastructure

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BMI View: We forecast an average of 2.1% real growth for the six construction industries of Central America in 2016. The decline from our forecast for 2015 - 4.4% - is mainly due to a steep drop-off in Panama as it concludes expansion of the Panama Canal and a normalisation of a housing boom in Nicaragua. The region will still offer significant opportunities: the transport sector will see strong growth as development funds target regional...

Belize Pharmaceuticals & Healthcare

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BMI View: Legislative and regulatory improvements to the Central American healthcare system will further strengthen sector coordination, enhancing medical efficiencies and treatments over the long-term. The region's ageing population and dependence on pharmaceutical imports will increase foreign investment appeal as public health provision grows.

Headline Expenditure Projections

  • Pharmaceuticals: USD3.7bn in 2014 to USD3.9bn in 2015; +4.6%. Our forecast has been maintained since Q115.

  • Healthcare: USD16.5bn in 2014 to...

Belize Telecommunications

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BMI View: Number portability will encourage increased competition as four out of eight Central American countries have introduced it already. For further competition to be increased, the progress of this depends on national commitments of these countries. We anticipate slower growth in the mobile sector across the board with Nicaragua offering real potential. Nicaragua offers real growth potential whereas increasing government meddling, as in the case of Guatemala is a worrisome development. Data-driven 3G/4G services have true potential for growth as the large operators are investing heavily into new infrastructure and technologies for such technological uptakes.

Key Data

  • Number porting in Panama increased 37.4% in 2014, highlighting that the population is increasingly more willing to take advantage of better available deals as they...

Belize Tourism

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BMI View: Arrivals growth in the Caribbean will increase 4.5% in 2016, reflecting improved visitor numbers from Europe and North America. Puerto Rico, Cuba, Bonaire and Guyana are expecting the highest rate of arrivals growth, but all tourism markets except Belize will experience growth. However, the outbreak of the Zika virus from late 2015 could pose downside risks to 2016 arrivals forecasts.

We currently expect arrivals to the Caribbean to grow by 4.5% in 2016, to 42.3mn, reflecting a slight moderation from growth of 5.2% in 2015. We expect Puerto Rico, Cuba, Bonaire and Guyana to post the highest level of arrivals growth in 2016, at around 5....

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