BELMOPAN, Belize – The Belize government says it remains optimistic that the country will record economic growth during the fourth quarter of this year.
Revised figures released by the Statistical Institute of Belize (SIB) show that there was a contraction in the third quarter.
The SIB said that the percent change within the secondary sector, within which electricity production falls, was adjusted from a 4.5 per cent rate of growth to a decrease 10.8 per cent.
As a result, the total gross domestic product (GDP) for the quarter was also affected, going from a growth rate of 1.8 per cent to 0.4 per cent.
However, Prime Minister Dean Barrow, speaking with reporters said he remains confident that the country will experience overall economic growth in 2019.
“Indeed in terms of the text book definition of a recession, but you do understand that in putting the three quarters together there is growth. So we will have to fast on to that for now and I certainly believe that the last quarter will provide the kind of bump that will make sure that when we report next year, soon as the figures are in, it will be clear that the recession has been passed through and is in the rare view mirror,” he said.
Barrow said that he is maintaining his confidence even as acknowledged that the drought situation had adversely affected the sugar industry with the crop starting much later than normal.
“Remember that we did come up with a package to try to help everybody who suffered from the drought. I think there was some offer to farmers that they didn’t find satisfactory. We are going through the processes of getting the additional help externally that was promised to us.
“It is taking sometime but we don’t control the situation in that regard. I still believe that overall there is going to be growth in the fourth quarter. We have to wait and see. I don’t think that I will be proved wrong,” he added.
Barrow also commented on the recent decision by the Belize Chamber of Commerce and Industry, the National Trade Union Congress of Belize and the Belize Network of N.G.O.’s to write to him reminding of the commitment Belize made when it signed onto and ratified the United Nations Convention Against Corruption (UNCAC).
The groups say that the implementation of UNCAC has stalled and they want to know when the government will address the concerns raised in their letter.
“As far as I understand the official targets that were required to be met have been met. There are more things to be done and I think the Attorney General made the point that there is some hold up because of a lack of funds but I have no doubt that indeed the complaint of the Chamber and the NTUCB will be addressed by the Attorney General and therefore the government.” (CMC)