NationMaster - Encyclopedia: Economy of Belize

The economy of Belize depended on forestry until well into the 20th century. Logwood, used to make dye, was Belize's intial main export. However, the supply outstripped the demand, especially as Europeans developed man-made dyes which were less expensive. Loggers turned to mahogany, which grew in abundance in the country's forests. The wood was prized for use in cabinets, ship building, and railroad carriers. While many merchants and traders became wealthy from the mahogany industry, ups and downs in the market had a large impact on the economy. In addition, new mahogany trees weren't being planted, and because mahoganys grow slowly, natural regrowth was not sufficient to replenish the supply. As the 19th century progressed, loggers were forced to go deeper into the forests to find the trees, increasing labor costs. ISO 4217 Code BZD User(s) Belize Inflation 3% Source The World Factbook, 2005 est. ... The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas[1] which came into effect on August 1, 1973. ... WTO redirects here. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... Purchasing power parity (PPP) is in economics the method of using the long-run equilibrium exchange rate of two currencies to equalize the currencies purchasing power. ... Nominal value is the value of anything expressed in money of the day, versus real value which removes the effect of inflation. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... An 1837 political cartoon about unemployment in the United States. ... (See also List of types of clothing) Introduction Humans often wear articles of clothing (also known as dress, garments or attire) on the body (for the alternative, see nudity). ... Tourists at Oahu island, Hawaii Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ... In large construction projects, such as skyscrapers, cranes are essential. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Grants are funds given to tax-exempt nonprofit organizations or local governments by foundations, corporations, governments, small business and individuals. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ... A decidous beech forest in Slovenia. ... Binomial name Haematoxylum campechianum The Logwood tree (Haematoxylum campechianum) was once an important source of red dye. ... Yarn drying after being dyed in the early American tradition, at Conner Prairie living history museum. ... This article is about the continent. ... Mahogany The name mahogany is used for numerous varieties of dark-colored wood. ...

Variations of mahogany exports over long periods of time were linked to the accessible supply of the resource. Thus, improvements in hauling methods helped the cutters satisfy increasing demands for mahogany by enabling them to extract timber from areas in the interior that had been previously inaccessible to them. Immediately after the introduction of cattle in the early 1800s, tractors in the 1920s, and lorries in the 1940s, production levels rose dramatically.

When the supply of accessible timber dwindled and logging became too unprofitable in the 20th century, the country's economy shifted to new sectors. Cane sugar became the principal export and recently has been augmented by expanded production of citrus, bananas, seafood, and apparel. The country has about 8,090 km² of arable land, only a small fraction of which is under cultivation. To curb land speculation, the government enacted legislation in 1973 that requires non-Belizeans to complete a development plan on land they purchase before obtaining title to plots of more than 10 acres (40,000 m²) of rural land or more than one-half acre (2,000 m²) of urban land. Magnification of typical sugar showing monoclinic hemihedral crystalline structure. ... Species & major hybrids Species Citrus aurantifolia - Key lime Citrus maxima - Pomelo Citrus medica - Citron Citrus reticulata - Mandarin & Tangerine Major hybrids Citrus Ã—sinensis - Sweet Orange Citrus Ã—aurantium - Bitter Orange Citrus Ã—paradisi - Grapefruit Citrus Ã—limon - Lemon Citrus Ã—limonia - Rangpur lime Citrus Ã—latifolia - Persian lime See also main text for other hybrids Citrus... This article or section does not cite its references or sources. ... Spaghetti with seafood (Spaghetti allo scoglio). ... (See also List of types of clothing) Introduction Humans often wear articles of clothing (also known as dress, garments or attire) on the body (for the alternative, see nudity). ... To meet Wikipedias quality standards, this article or section may require cleanup. ... 1973 (MCMLXXIII) was a common year starting on Monday. ...

Domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. The United States Embassy in Belize City knows of some 185 United States companies that have operations in Belize, including MCI, Duke Energy International, Archer Daniels Midland, Texaco, and Esso. Tourism attracts the most foreign direct investment although significant U.S. investment also is found in the energy, telecommunications, and agricultural sectors. Memorial Park, Belize City The Swing Bridge, Belize City Belize City is the largest city of the Central American nation Belize, and its former capital. ... MCI logo MCI, Inc. ... The Archer Daniels Midland Company (NYSE: ADM), based in Decatur, Illinois, operates more than 270 plants worldwide, where cereal grains and oilseeds are processed into numerous products used in food, beverage, nutraceutical, industrial and animal feed markets worldwide. ... Texaco is the name of an American oil company that was merged into Chevron Corporation in 2001. ... An Esso Station in Stabekk, Norway An Esso-branded service station, with On the Run convenience store, in Kanata, Ontario. ... Tourists at Oahu island, Hawaii Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ...

A combination of natural factors-- climate, the Belize Barrier Reef (longest in the Western Hemisphere), numerous islands, excellent fishing, safe waters for boating, jungle wildlife, and Maya ruins-- support the thriving tourist industry. Development costs are high, but the Government of Belize has designated tourism as its second development priority after agriculture. In 2000, tourist arrivals totaled 189,634 (more than 110,000 from the U.S.) and tourist receipts amounted to $113.3 million. The coastal area of Belize is an outstanding natural system consisting of the largest barrier reef in the northern hemisphere, offshore atolls, several hundred sand cays, mangrove forests, coastal lagoons and estuaries. ... The geographical western hemisphere of Earth, highlighted in yellow. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering animals not classifiable as insects which breathe in water or pass their lives in water. ... This article is about Jungle, the terrain. ... 74. ... Tourists at Oahu island, Hawaii Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ... This article is about the year 2000. ...

Belize's investment policy is codified in the Belize Investment Guide, which sets out the development priorities for the country.

[edit] Infrastructure

A major constraint on the economic development of Belize continues to be the scarcity of infrastructure investments. Although electricity, telephone, and water utilities are all relatively good, Belize has the most expensive electricity in the region. Large tracts of land which would be suitable for development are inaccessible due to lack of roads. Some roads, including sections of major highways, are subject to damage or closure during the rainy season. Ports in Belize City, Dangriga, and Big Creek handle regularly scheduled shipping from the U.S. and the United Kingdom although draft is limited to a maximum of 10 feet in Belize City and 15 feet in southern ports. International air service is provided by American Airlines, Continental Airlines, and TACA to gateways in Dallas, Texas, Houston, Texas, Miami, Florida, and San Salvador. Lightning strikes during a night-time thunderstorm. ... The telephone or phone is a telecommunications device which is used to transmit and receive sound (most commonly voice and speech) across distance. ... Memorial Park, Belize City The Swing Bridge, Belize City Belize City is the largest city of the Central American nation Belize, and its former capital. ... Town street Dangriga, formerly known as Stann Creek Town, is a town in the south of the nation of Belize, at the mouth of the river of Stann Creek on the Caribbean Sea. ... Big Creek is a sea port facility in the nation of Belize. ... American Airlines and American Eagle aircraft at San Juan American Airlines (AA) is the largest airline in the world in terms of total passengers-miles transported [1] and fleet size[], and the second-largest airline in the world (behind Air France-KLM) in terms of total operating revenues[]. A wholly... Continental Airlines (IATA: CO, ICAO: COA, and Callsign: Continental) (NYSE: CAL) is a certificated air carrier of the United States. ... TACA is the flag airline of Honduras. ... Nickname: Big D Location in the state of Texas Country United States State Texas Counties Dallas, Collin, Denton, Kaufman, and Rockwall Incorporated 2 February 1856 - Mayor Laura Miller Area - City 385. ... Nickname: Space City Location in the state of Texas Coordinates: Country United States State Texas Counties Harris County Fort Bend County Montgomery County Incorporated June 5, 1837 - Mayor Bill White Area - City 601. ... Miami redirects here. ... San Salvador is the capital city of the nation of El Salvador. ...

Several capital projects are either currently underway or are programmed to start in fiscal year 2001/2002. The largest of these is a $15 million rural electrification program to be jointly implemented by the government and Belize Electricity Limited (BEL). In addition, the government will continue to implement an Inter-American Development Bank Emergency Reconstruction Fund of $20 million aimed at restoring essential services such as health and education facilities and transportation networks to communities which were severely damaged by Hurricane Keith. The government will also invest close to $4.2 million in projects targeted at poverty alleviation across Belize. 2001 (MMI) was a common year starting on Monday of the Gregorian calendar. ... For album titles with the same name, see 2002 (album). ... The Inter-American Development Bank (preferred abbreviation: IDB; but frequently given as IADB), was established in 1959 to support Latin American and Caribbean economic/social development and regional integration by lending mainly to public institutions. ... Duration: Sept. ...

Initiated in 1999, the Ministry of Agriculture and Fisheries, through the Belize Agricultural Health Authority, will continue to implement the IDB-funded "Modernization of Agricultural Health Project." This $2.5 million project seeks to improve the competitiveness of Belize's agricultural products and thus enhance the ability of Belizean farmers and processors to maintain and expand the sale of their high-quality products to foreign markets. A $5 million soybean project, funded by the Brazilian Government, is scheduled to begin in 2001 and is intended to assist northern Belize farmers to diversify away from sugarcane cultivation. 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... Binomial name Glycine max (L.) Merr. ...

The government also plans to invest $9.85 million to complete the rehabilitation of the Hummingbird Highway, as well as investing $9.5 million in its health-sector reform program. Another $9 million will be invested under the IDB-funded "Land Management Project" over the next 2 years. The Ministry of Tourism is confident that another IDB-funded project, the "Tourism Development Project", will make Belize the Mundo Maya centerpiece for travelers to Central America. The government will spend close to $1.4 million in improving access to the Maya archaeological sites in Belize, especially Caracol. Using a generous soft loan from Taiwan, the government is funneling $50 million toward the construction of low-cost housing. The Hummingbird Highway as seen from atop the Blue Hole NP Observation tower The Hummingbird Highway is one of the four major highways in Belize. ... Map of Central America Central America is the central geographic region of the Americas. ... Caracol or El Caracol is the name given to a large ancient Maya site located in the Cayo District of the nation of Belize. ...

Download high resolution version (960x1280, 479 KB)A farmer inspects his hand-tended corn crop near San Pedro Columbia village, Belize. ... Download high resolution version (960x1280, 479 KB)A farmer inspects his hand-tended corn crop near San Pedro Columbia village, Belize. ...

[edit] Trade

Belize's economic performance is highly susceptible to external market changes. Although moderate growth has been achieved in recent years, the achievements are vulnerable to world commodity price fluctuations and continuation of preferential trading agreements, especially with the U.S. (cane sugar) and UK (bananas).

Belize continues to rely heavily on foreign trade with the United States as its number one trading partner. Total imports in 2000 totaled $446 million while total exports were only $349.9 million. In 2000, the U.S. accounted for 48.5% of Belize's total exports and provided 49.7% of all Belizean imports. Other major trading partners include the U.K., European Union, Canada, Mexico, and Caribbean Community (CARICOM) member states. Motto: (Royal3) (French) God and my right Anthem: God Save the Queen 4 Location of the United Kingdom (dark orange) â€“ in the European Union (light orange) â€“ at the European continent (EU + clear) Capital London Most populous conurbation Greater London Urban Area Official languages de facto English 5 Government - Monarch Queen... The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas[1] which came into effect on August 1, 1973. ...

Belize aims to stimulate the growth of commercial agriculture through CARICOM. However, Belizean trade with the rest of the Caribbean is small compared to that with the United States and Europe. The country is a beneficiary of the Caribbean Basin Initiative (CBI), a U.S. Government program to stimulate investment in Caribbean nations by providing duty-free access to the U.S. market for most Caribbean products. Significant U.S. private investments in citrus and shrimp farms have been made in Belize under CBI. U.S. trade preferences allowing for duty-free re-import of finished apparel cut from U.S. textiles have significantly expanded the apparel industry. EU and UK preferences also have been vital for the expansion and prosperity of the sugar and banana industries. West Indian redirects here. ... This article is about a tax measure. ...

[edit] Overview

The small, essentially private enterprise economy is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction assuming greater importance. Sugar, the chief crop, accounts for nearly half of exports, while the banana industry is the country's largest employer. The government's tough austerity program in 1997 resulted in an economic slowdown that continued in 1998. The trade deficit has been growing, mostly as a result of low export prices for sugar and bananas. The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The tourist and construction sectors strengthened in early 1999, leading to a preliminary estimate of revived growth at 4%. The Belize Dollar is fixed to the U.S. dollar at a rate of 2:1. 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... The United States dollar is the official currency of the United States. ...

[edit] See also

[edit] References

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World Trade Organization (WTO)

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Encyclopedia > Economy of Belize

Contents

[edit] Infrastructure

[edit] Trade

[edit] Overview

[edit] See also

[edit] References