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Analysis of the State of the Nation’s Economy #548119
02/12/21 05:16 AM
02/12/21 05:16 AM
Joined: Oct 1999
Posts: 79,828
oregon, spr
Marty Offline OP

Marty  Offline OP
As the Government of Belize continues its consultations with social partners in the public and private sector, the Ministry of Finance has released the findings of a preliminary analysis into the state of the nation’s economy to date.

Please note below:

• Average income per person (real GDP per capita) has fallen steadily since 2008, from $7,412 in 2008 to $7,040 by 2019, and then plummeting to $5,843 in 2020.

• The dramatic fall in average income per person to $5,843 in 2020 has reduced our income levels to as low as it has been way back in 1992, over 28 years ago.

• Unemployment has almost tripled in 2020, from 10.4% to almost 30%.

• With underemployment also increasing from 22.7% to 38%, almost 68% of the labour force is left looking for work.

• Belize’s unemployment rate is more than triple the average unemployment rate throughout the Caribbean and more than quadruple that of Central America.

• Government revenues fell by almost 30% or over $300million in 2020.

• 36 cents out of every dollar spent on government expenditures is being borrowed to make payments.

• 83 cents out of every dollar of government revenues is being spent on wages, salaries and pensions.

• Wages and salaries have almost tripled - from $234million in 2008 to $684million in just 12 years.

• Heightened spending coupled with revenue shortfalls led to financing requirements of over half a billion dollars in 2020.

• It took four successive administrations from independence to 1998 for the government to accumulate $700million of debt while it took the last government one year to rack up financing requirements of over $500million in 2020.

• Since 2008, government debt has increased by almost $2billion with domestic debt more than tripling from $333million to $1.3billion and external debt other than the superbond more than doubling from $830million to $1.77billion.

• At 134.1%, Belize now has the highest debt-to-GDP ratio in the entire Caribbean and Central American region.

Re: Analysis of the State of the Nation’s Economy [Re: Marty] #548146
02/13/21 05:54 AM
02/13/21 05:54 AM
Joined: Oct 1999
Posts: 79,828
oregon, spr
Marty Offline OP

Marty  Offline OP

GOB Has Their Figures Wrong

You'll remember the Government press release from last night called the "Analysis of the State of the Nation's Economy".

In that release, the government asserted that public Wages and salaries have almost tripled from 234 million dollars in 2008 to 684 million dollars in just 12 years. GOB also said that they spend 83 cents out of every dollar made in revenues on wages, salaries, and pensions. So, we asked the PSU Vice-President about those figures.

He said that from his own studies of the budget estimates for last year, their figures are off:

Dean Flowers - Vice-President, PSU
"I don't know who put together the numbers and the presentation for the Government. But, I can tell you that I'm guided by the budget estimates, and the budget estimates certainly are not telling me that wages and salaries are at 684 million dollars. My numbers - not my numbers, the government numbers in the budget estimates for salaries alone is 453 million dollars. That's a huge difference when you look at 684 million If you were to dump the pension estimates and the ex rata payments in there, that's another 95 million dollars. So, that would take you up to 548 million dollars. Again, that 548 million dollars are almost 140 million dollars different than what the government reported yesterday. It's not my number. It's the Ministry of Finance's numbers in the budget estimates. The wage bill for 20/21 is showing 548 million."

On the assertion that 83 cents out of every dollar are going to wages, salaries, and pensions, he says that from his review of the numbers, the government actually spent 65 cents. He did acknowledge that this is a high figure.

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