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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”.
Dmitry Vasilyev
In the 1990s and early 2000s, Belize grew faster than its regional peers. By the mid-2000s, however, economic growth had slowed down to the regional average. A vicious circle of low growth and increasing public debt has been clouding Belize’s outlook. This paper applies a growth diagnostic approach based on the Hausmann-Rodrik-Velasco framework to investigate the main growth constraints and opportunities for higher growth in Belize. Improvements in access to finance and in the business climate could unlock Belize’s strengths.
John M. Piotrowski, Mr. Rabah Arezki, and Reda Cherif
The present paper investigates whether tourism specialization is a viable strategy for development. We estimate standard growth equations augmented with a variable measuring tourism specialization using instrumental variables techniques for a large cross-section of countries for the period 1980-2002. We introduce an instrument for tourism based on the UNESCO World Heritage List. We find that there is a positive relationship between the extent of tourism specialization and economic growth. An increase of one standard deviation in the share of tourism in exports leads to about 0.5 percentage point in additional annual growth, everything else being constant. Our result holds against a large array of robustness checks.
International Monetary Fund. Research Dept.
IMF research summaries on Latin America’s external linkages (by Shaun Roache) and on reaping the benefits of structural reforms (by Stephen Tokarick); regional study on the Eastern Caribbean Currency Union (by Paul Cashin and Evridiki Tsounta); listing of visiting scholars at the IMF during March–April 2008; listing of contents of Vol. 55 No. 2 of IMF Staff Papers; listing of recent IMF Working Papers; listing of recent external publications by IMF staff; and a call for papers for the Jacques Polak Ninth Annual Research Conference.
International Monetary Fund
The Growth and Social Protection Strategy (GSPS) provides the framework for Dominica’s economic and social policies over the next five years and sets out the macroeconomic framework; the growth strategy, including the enabling environment for private enterprise and sectoral strategies; and poverty reduction and social protection programs. Economic growth in Dominica was curtailed by a conjuncture of unfavorable developments, particularly with respect to trade, but there were underlying weaknesses in the economy such as a reliance on one or two sectors, with this lack of diversity exacerbating its vulnerability to economic shocks.