Belize: 2024 Article IV Consultation-Press Release; and Staff Report

Outlook and Risks. Real GDP growth and inflation moderated in 2023 and are projected to decline further over the medium term as the output gap closes and global commodity prices fall. The fiscal position remains robust, but debt dynamics have become more challenging due to the increase in the interest rate – growth differential, with public debt projected to remain above 50 percent of GDP over the next decade. Risks to the outlook include further increases in commodity prices and climate-related disasters.