page_title: Belize
section_title: Economy
hierarchical_section_title: Belize / Economy
caption_attribution_description: English: Sugar Cane Processing Plant, Orange Walk Town, Belize
context_page_description: Belize is a Caribbean country located on the northeastern coast of Central America. Belize is bordered on the northwest by Mexico, on the east by the Caribbean Sea, and on the south and west by Guatemala. It has an area of 22,970 square kilometres and a population of 408,487. Its mainland is about 290 km long and 110 km wide. It has the lowest population and population density in Central America. The country's population growth rate of 1.87% per year is the second highest in the region and one of the highest in the Western Hemisphere.
  The Maya Civilization spread into the area of Belize between 1500 B.C. and A.D. 300 and flourished until about 1200. European contact began in 1502 when Christopher Columbus sailed along the Gulf of Honduras. European exploration was begun by English settlers in 1638. This period was also marked by Spain and Britain both laying claim to the land until Britain defeated the Spanish in the Battle of St. George's Caye. It became a British colony in 1840, known as British Honduras, and a Crown colony in 1862. Independence was achieved from the United Kingdom on 21 September 1981.
context_section_description: Belize has a small, mostly private enterprise economy that is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction recently assuming greater importance. The country is also a producer of industrial minerals, crude oil, and petroleum. As of 2017, oil production was 320 m³/d (2,000 bbl/d). In agriculture, sugar, like in colonial times, remains the chief crop, accounting for nearly half of exports, while the banana industry is the largest employer.
  The government of Belize faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The tourist and construction sectors strengthened in early 1999, leading to a preliminary estimate of revived growth at four percent. Infrastructure remains a major economic development challenge; Belize has the region's most expensive electricity. Trade is important and the major trading partners are the United States, Mexico, the United Kingdom, the European Union, and CARICOM.
  Belize has four commercial bank groups, of which the largest and oldest is Belize Bank. The other three banks are Heritage Bank, Atlantic Bank, and Scotiabank (Belize). A robust complex of credit unions began in the 1940s under the leadership of Marion M. Ganey, S.J.
  Belize is located on the coast of Central America. Based on its location, it is a popular destination for vacations. However, also due to its location, it is currently becoming known in the global arena for attracting many drug trafficking entities in North America. The Belize currency is pegged to the U.S. dollar. This entices drug traffickers and money launderers who want to utilize the banking system. In addition, banks in Belize offer non-residents the ability to establish accounts. Because of this, many drug traffickers and money launderers utilize banks in Belize. As a result, the United States Department of State has recently named Belize one of the world's "major money laundering countries".
caption: A sugar cane processing plant, Orange Walk Town, Belize. Sugar is one of Belize's top exports.
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