The Belize tourism boom is a Hail Mary for Belizes economy.
For a country that has the third largest economy in Central America and one of the worlds most successful economies in terms of tourism, Belizeans economic growth and economic competitiveness has been stagnant for a while.
The latest data from the government shows Belize ranked 16th in terms and rank of GDP in the world, but its growth is outpacing other Caribbean countries and has more than doubled in the last decade.
But now Belize is making big inroads into the top 15.
Belizes tourism industry has exploded over the past decade, according to data from Tourism Industry Association of Belize (TIAB).
TIABs statistics show Belize has grown to the third-largest tourism industry in Central American and the Caribbean.
In fact, Belizes Tourism Association has forecast Belize to grow to a global growth rate of 6.5% this year and 7.5 percent in 2018.
According to TIAB, Belizers tourism industry will be worth over $6 billion in 2021, and $4.6 billion by 2025.
Its growth rate will be 2.7% by 2025, and 4.5%.
With a growth rate like that, Belizedans economy is going to boom, said the Belizes Ministry of Tourism and Culture.
“Belize is the fourth-most popular tourist destination in the Caribbean and is in the top 10 most visited countries in the hemisphere,” said the Minister of Tourism, in a press release.
So what does this all mean for Belizerans economy?
According the latest data TIABs, Belizas economy is forecast to grow at 7.3% by 2021, to an estimated $5.5 billion.
Thats an incredible amount of growth and the government says its goal is to achieve a growth of 7% a year.
By 2025, Belizeran economy will be at a projected $10 billion.
So how do the Belias economy see this growth?
Its a bit more complex.
TiaB data shows Beliseans economy grew by 1.6% in 2021 to an annualized growth of 4.7%.
That is still slower than the growth rate in the United States of America, but the data shows that Belize can grow much faster.
A study conducted by the Organization for Economic Cooperation and Development (OECD) found that Belisias economy could grow by a whopping 10.2% by 2020.
However, the country’s economic growth is not expected to be as high as Belize s growth rate.
There are two reasons why.
First, its a lot of money for Belizes economy.
The OECD report shows that each year Belize spends about $10.2 billion in foreign exchange. Secondly, Belizas government spends a lot on infrastructure projects, like airports and highways.
And as we have seen in Belize, it is important for Belizis economy to grow faster.
So how are Belias growth rates predicted to compare to other countries in Central Asia?
Tiamo International Consulting Group, a company that tracks global trade, found that the rate of growth of the Belisas economy will likely be similar to that of India, Kazakhstan, and Kyrgyzstan.
India’s growth rate was 7.1% in 2020, and 7% in 2025, according Tiamo.
Kazakhstan’s was 7% at the same time.
But according to Tiamomos data, Belisis economy is predicted to grow by 5% a decade from 2021 to 2025, which is much slower than most of the countries in these four Central Asian countries.
To put it in perspective, in 2016 the economy of India was valued at $3.4 trillion, and Kazakhstan valued at a similar amount at $1.7 trillion.
How do the economy see Belize in comparison to the economies of Central Asia and the Middle East?
To understand Belize and its economy, its important to understand the economy in the region.
Central Asia has the world’s largest population of Central Asians, with an estimated 3.3 million million people.
Their GDP is estimated at $6.6 trillion, which makes it the second largest economy, behind China.
While Central Asian economies are much smaller than the countries of the Caribbean, they are the fastest growing economies in the Middle east.
As of 2020, the Middle Eastern economies GDP was $20.5 trillion, followed by India’s $9.5tn, and China’s $7.3tn.
It is important to note that Central Asian and Middle Eastern countries are not the only economies in Central and South America.
Algeria is the second-largest economy in South America, and is estimated to grow from 5.3 to 5.9% a century