Economy
Belize has a small, mostly privatized enterprise economy that is based primarily on export of petroleum and crude oil, agriculture, agro-based industry, and merchandising, with tourism and construction recently assuming greater importance. It has yet to be seen if significant economic expansion will be made by this. To date, oil production equal 3,000 bbl/d (480 m3/d) (2007 est.) and oil exports equal 1,960 bbl/d (312 m3/d) (2006 est.). The country is a producer of industrial minerals. Sugar, the chief crop, accounts for nearly half of exports, while the banana industry is the country's largest employer.
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%. Infrastructure continues to be a major challenge for the economic development of Belize. Belize has the most expensive electricity in the region. Trade is important and the major trading partners are the United States, Mexico, the European Union, and Central America.
Belize has five commercial banks, of which the largest and oldest is Belize Bank. The other four banks are Heritage Bank, Atlantic Bank, FirstCaribbean International Bank, and Scotiabank (Belize).
Read more about this topic: Subdivisions Of Belize
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)