Monday, March 7, 2011

2010 in Belize we had the highest growth in CARICOM at 2.5%

Mr. and Mrs. Barrow, the first couple running the country of Belize. It is certainly looking like Prime Minister Barrow is running the country better than the former Prime Minister Musa. More methodical, conservative and concentrating on infra-structure.


BELMOPAN, Belize – Today is March 7, 2011, Baron Bliss Holiday. Friday, March 11, is Budget Day in Belize, when Prime Minister Dean Barrow, who is also Minister of Finance, will present his new budget for fiscal year 2011-2012.

The prime minister has assured Belizeans that there will be no new taxes this fiscal year coming to March 2012.

He has told a news conference that total revenues and grand receipts are currently at $559.6 million, and the total expenditure is $566.7 million so that there is an overall deficit at this point in time of $7.1 million. He added that the good news is that currently there is a recurrent balance of $72.4 million and there is a primary surplus of $44.5 million.

Total revenue so far is $544.8 million. That's up by $44.5 million compared to the similar period for fiscal year 2009-2010.

Growth, or GDP for 2010 fiscal year was 2.5% thereabouts. Sounds right to me! For an off the cuff, or back of an envelope calculation and opinion.

Belize is better off than the rest of the CARICOM countries. This is the highest growth rate in the entire Caribbean coming out of the economic recession, as only two other countries in the region are recording positive growth. Those countries are Guyana and the Netherlands Antilles at 0.8 percent growth.

Debate on the budget will take place next week and implementation of the new budget will begin on April 1 as is customary. What I want to see, is the Debt to GDP ratio! Otherwise I´m generally satisfied.

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