Tourism in Belize: Ensuring Sustained Growth

19 Pages Posted: 22 Jan 2020

See all articles by Julian T.S. Chow

Julian T.S. Chow

International Monetary Fund (IMF)

Date Written: December 2019

Abstract

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'.

Keywords: Real effective exchange rates, Economic growth, Economic recovery, Human capital, Sustainable development, Tourism, structural reforms, insitutional, governance, crime, natural disasters., WP, tourist arrival, primary school enrollment, development of the tourism sector, tourism sector, tourism expenditure

JEL Classification: D02, D04, I10, I20, O10, E01, L31, E2, O4, G21

Suggested Citation

Chow, Julian T.S., Tourism in Belize: Ensuring Sustained Growth (December 2019). IMF Working Paper No. 19/267. Available at SSRN: https://ssrn.com/abstract=3523140

Julian T.S. Chow (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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