Case Study: Belize Chamber of Commerce and Industry

The Belize Chamber of Commerce and Industry is in charge of keeping track of Belize’s business and economic standings.  There objective is: “To foster the economic growth and social well being of the nation through the free enterprise system at all levels, by promoting and protecting, both nationally and internationally, commerce, and all sectors of industry which includes agri-business, tourism and manufacturing, the professions and the trades.”  With this in mind, they keep track of over 300 Belizean businesses in order to help Belize grow in a sustainable manor.  Kay Menzies, President of Belize Chamber of Commerce and Industry, gave us a further look into the statistics and guidelines that allow her to do her job.   

Currently Belize has a population of 312,917 people who come from one of six districts in the country.  Each individual is placed in a tax bracket based on his or her income for that year.  The highest income tax is 25% for those who make over $25,600 a year, which compared to American standards is quite shocking.  Kay mentioned that the average Belizean is roughly twelve times poorer than the average American.  She made it clear that Belize is still considered a young country, and with that said, Belize’s economy is growing faster and faster every year.  She said this was mostly due to the oil Belize has struck, as well as the tourism and fishing attraction that Belize has.  Belize considers trading to be one of the most important aspects of a growing nation.  Right now, Belize exports lots of citrus, oil, and marine life, which can account for their recently high GDP.  New statistics do seem promising for Belize, but challenges are met everyday with keeping up their progression.

Kay answered many questions concerning the future of the economy.  If Belize wants to continue to grow as they are, they need more oil, and Kay made that clear.  She even brought up the name BNE (Belize Natural Energy) and admitted that they are so soul reason for Belize’s recent success.  Kay got the same encouragement as BNE did when discussing alternative energy.  They need to think about the consequences their economy will face when no more oil can be found.  This may not happen in the near future, but the future of sustainability should always be in the back of their mind.