There was a contraction of the economy in the first quarter of 2013 – a negative point five percent. The Statistical Institute of Belize cited downturns in the citrus, banana and electricity industries. But there seems to be no reason to panic or to expect more of the same in the second half of the year. Prime Minister Dean Barrow, in fact, boasts that the economy is going to grow by leaps and bounds, and that’s because of a massive infrastructure push coming soon, courtesy of Belize Infrastructure Limited also known as the BIL.
Prime Minister Dean Barrow
“Belize Infrastructure Limited is not going to be solely dependent on PetroCaribe. I already indicated that I would be very happy to host some domestic barrowing. In terms of the whole excess liquidity in the system; in terms of this absolutely imperative that we make credit more affordable to people—we bring down the cost of credit—I am certainly going to be prepared to do some additional treasury notes as a way of helping to suck up liquidity, but as a way as well of helping to drive the infrastructure financing that I spoke to you about. At the time when the point was made; that in the first quarter of the year, the economy did not grow. As I’ve told you in th second half of the year, this economy is going to grow by leaps and bounds because of this huge infrastructure push that government is going will make and that as I am saying, I have the wherewithal to fund.”
Following his interviews with the media, Barrow left the country to be with his wife, Kim Simplis, who is abroad receiving medical attention. During his absence Deputy Prime Minister Gaspar Vega will be acting P.M.