By Belize Live News Staff: In a presentation hosted by the University of Belize’s Policy Research Institute, economic historian Dr. Victor Bulmer-Thomas delivered a sobering assessment of Belize’s economy, stating that the country has remained stagnant for two decades.
Launching his research paper titled “The Belizean Economy in the 21st Century: Why Belize Fell Behind and What to Do About It,” Dr. Bulmer-Thomas said that despite recent growth figures, Belize’s economy has effectively been declining in relative terms compared to its Caribbean and Central American peers.
According to the respected Professor Emeritus from the London School of Economics, while Belize recorded an impressive 11.5% GDP growth in early 2024, this is part of a broader recovery phase rather than sustained economic progress. He noted that the nation’s GDP per head at constant prices remains one of the lowest in the region—only above Jamaica and Haiti—and that Belize’s rank has deteriorated over time, falling from 7th from the bottom two decades ago to 3rd from the bottom today.
Dr. Bulmer-Thomas emphasized that the structural weaknesses in Belize’s economy have not been resolved and that without real reform, the recovery will be short-lived, with the country slipping back into stagnation.
