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Mr. Julian T Chow
Belize’s tourism sector has witnessed impressive growth in recent years with overnight tourist arrivals registering double digit annual growth rates since 2016. To guide the development of the tourism sector from 2012 to 2030, the government endorsed a National Sustainable Tourism Master Plan in 2011, setting various initiatives and targets for the immediate and medium terms. Using a panel regression analysis on twelve Caribbean countries, this paper finds that accelerating structural reforms, fortifying governance frameworks, reducing crime, and mitigating the impact of natural disasters will help sustain tourism growth in Belize and contribute to economic well-being. This is in addition to tackling infrastructure bottlenecks and mitigating concerns relating to the “shared economy”.
International Monetary Fund. Western Hemisphere Dept.

the tourism sector through vocational training and diversification of source markets and attractions . Programs that connect local industries to tourism, as well as local communities to the tourism value chain, should be developed to ensure equitable and sustainable growth in the tourism sector. Promoting formal tourism degrees and tourism graduate programs would mitigate shortages in skillsets and skilled labor. Strategic and more diversified marketing, including leveraging on ICT platforms, could reduce saturation and concentration risks, particularly as North

International Monetary Fund. Strategy, Policy, & and Review Department

, authorities are pursuing diversification of both source markets and product offerings. Increased airlift is an important element to ensuring increased and more consistent arrivals. Specialized services such as the new terminal for private jets at the International Airport as well as proposed yachting facilities at Christophe Harbor would target the highest end of the tourism market. Backward linkages are also explored with a view to ensuring greater local participation in the tourism value chain. In addition, to reduce energy costs and enhance competitiveness, authorities

Mr. Julian T Chow

alleviate its less desirable effects on income, employment, and overcrowding. 21. Medium-term priorities should focus on ensuring continuous and sustainable development of the tourism sector through vocational training and diversification of source markets and attractions. Programs that connect local industries to tourism, as well as local communities to the tourism value chain, should be developed to ensure equitable and sustainable growth in the tourism sector. Promoting formal tourism degrees and tourism graduate programs would mitigate shortages in skillsets and

International Monetary Fund. African Dept.

. Tourist Arrivals by Purpose, 2016 (Percent of total arrivals) Source: United Nations World Tourism Organization. Overview of tourism areas in Botswana Sources: Tourism Value Chain and analysis action plan, 2015. Government of Botswana & European Union. 9. To realize the sector’s potential, supply-side limitations and bureaucratic restrictions need to be tackled . Supply-related problems (e.g., lack of skilled staff in hospitality services, and of diversified products) and challenges in obtaining tourist visas and permits were identified as

International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper provides an overview of Belize’s tourism sector and main achievements and discusses the country’s comparative advantages and bottlenecks in tourism. It also analyzes the impact of structural and institutional reforms on tourist arrivals. The outturns in tourism have significantly exceeded targets set in the authorities’ National Sustainable Tourism Masterplan (NSTMP). The implementation of the NSTMP reforms has supported the tourism sector’s expansion. In order to guide the development of the tourism sector, the NSTMP 2011 proposes reforms and targets to propel Belize into an internationally recognized tourist destination by 2030. The emergence of the shared economy business model has also brought new challenges, in addition to opportunities. The benefits of the peer-to-peer accommodation available to customers on digital platforms include the expansion of tourism product, service, and sector offerings; improved access to market; and opportunities for income generation. It is imperative that reforms in the near term should focus on addressing the impact of recurring natural hazards, infrastructure bottlenecks, fortifying the institutional and governance framework, reducing crime, and mitigating concerns relating to the shared economy.
International Monetary Fund. African Dept.
This 2018 Article IV Consultation highlights that sizable buffers and prudent policies have kept Botswana’s economy stable despite diamond market weakness and volatility. In 2017, despite higher diamond production, real GDP growth dropped to 2.4 percent primarily because of the closure of a major copper and nickel mining company. Non-mineral growth decelerated reflecting the indirect effects of the company’s closure on electricity and transportation, coupled with a small slowdown in trade and construction. In 2018–2019, it is expected that improving conditions in the diamond market and fiscal stimulus will temporarily boost economic activity. The medium-term economic outlook will depend heavily on the successful implementation of critical structural reforms.
Chang Yong Rhee and Katsiaryna Svirydzenka

growth. The post-pandemic recovery— and the return of tourism, value chains, and commodities trade—may be slow. Collateral damage to regional airlines which support tourism in the Pacific may also be severe—potentially undermining a quick recovery of this vital sector while at the same time adding to public debt where direct loans and government guarantees are involved. Over the medium term, PICs are expected to lag behind other EMDEs in the pace of their recovery, especially given their dependence on tourism and commodities. The sluggish growth challenges a return to

Changyong Rhee and Katsiaryna Svirydzenka
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.