The Belizean economy continued its recovery from the COVID-19 pandemic in 2022, posting double digit growth for a second consecutive year. The robust expansion was primarily propelled by the services sector, including tourism. Consistent with the surge in economic activity, the unemployment rate declined significantly. Meanwhile, the rate of inflation accelerated, reflecting higher imported food and fuel prices. The fiscal position improved with a lower overall deficit. The debt-to-gross domestic product (GDP) ratio continued a downward trend attributable in large part to substantial GDP growth.

Forecasts suggest a deceleration in economic growth for Belize in 2023 and the medium term as the postpandemic recovery moderates and economic activity normalises. Significant downside risks to this outlook,
including adverse weather and a further slowdown in advanced economies, persist. However, a faster-thananticipated rebound in tourist arrivals could result in a further surge in economic growth.