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Belize Economy

Belize has a small generally private-enterprise economy, which has improved dramatically after 1986. Tourism is the industry that brings most of all foreign earnings. It is followed by such sectors as agriculture and the industry of marine products. Now the government of Belize is actively developing and promoting international financial services. The growth of international financial services industry in Belize is very much connected with the expansion of trade liberalisation programmes and accessibility to global markets. The future of offshore industry is secured by permanently increasing demand for offshore services.

The government's monetary and fiscal policies were initiated in September 1998, led to sturdy GDP growth which made about 5% in the last years. Major economic problems and government concerns are trade deficit and foreign debt. The trade deficit grew mostly as a result of low export prices for sugar and bananas. Sugar makes nearly half of exports, the banana industry gives the greatest number of working places in the country.

The largest trading partners of Belize are Great Britain and the U.S. Along with these countries, the largest export partners in 2005 were also Jamaica and France, but the largest import partners were U.S., Mexico, Russia, Guatemala, Cuba, China and Spain.