Sugar, the chief crop, accounts for more than one-third of exports, while the banana industry is the country's largest employer. The government's tough austerity program in 1997 resulted in an economic slowdown that is likely to continue in 1998. Political tension in the run-up to the elections will tend to discourage investment, already suffering as a result of tight monetary and fiscal policies. The trade deficit has been growing, mostly as a result of low export prices for sugar and bananas and could increase further if a pre-election boost in government spending leads to a rise in imports. The ruling in 1997 by the World Trade Organization against the European Union's banana import regime which had granted Belize preferential treatment - is also hurting the prospects for growth, and could contribute to an increase in already high unemployment.
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