Belize’s economy is a small and essentially a private-enterprise economy. The country’s economy is further aided by tourism, which helps Belize earn foreign exchange; even more than its exports. Belize has oil reserves as well.
The main worrying factors for the Belize economy remains its sizeable trade deficit and foreign debt. Therefore, the government has taken expansionary steps to enhance GDP growth.
The monetary as well as fiscal measures helped the economy to grow until the recession, when it slipped to 3% in 2008 and -1.5% in 2009.
Belize’s GDP (purchasing power parity) was recorded at $2.534 billion in 2009, slightly lower than the 2008 level of $2.572 billion. Belize’s per capita GDP was $8,200 in 2009.
Belize’s economy is marred by the unavailability of skilled labors and technical personnel. The workforce is limited with only 122,300 people. The unemployment rate is 8.1% (2008 est.).
Employment is generated by three sectors: