In 2018, economic growth in Belize was led by increased tourism activity. There were increases in overnight and cruise ship visitors. Output from the other main sectors declined. The external deficit narrowed slightly; but there was a further drawdown of international reserves. The fiscal accounts improved, as the Government of Belize (GOBZ) sought to meet the conditions of its 2017 commercial debt restructuring. Debt remained above90% of gross domestic product (GDP).

Unlocking growth remains a challenge. Higher growth is necessary to rebuild gross international reserves. With limited fiscal space, GOBZ will need to prioritise public expenditure more effectively. Further fiscal consolidation may be necessary.