实现小发展中国家的持续经济增长：伯利兹入门（英）

Towards Achieving SustainedEconomic Growth in Small DevelopingStates: A Primer on Belize Ziad Amer, Jiajia Gu, Metodij Hadzi-Vaskov, Bunyada Laoprapassorn, Shane Lowe WP/26/41 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers arethose of the author(s) and do not necessarilyrepresent the views of the IMF, its Executive Board,or IMF management. 2026MAR IMF Working Paper Western HemisphereDepartment Towards Achieving Sustained Economic Growth in Small Developing States: A Primer on BelizePrepared byZiad Amer,Jiajia Gu,Metodij Hadzi-Vaskov, Bunyada Laoprapassorn, Shane Lowe* Authorized for distribution byDora IakovaMarch2026 IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT:The small developing states (SDS) have unique economic characteristics and face specificconstraints that shape their economic performance. We study a set of key challenges facing SDS using thecase of Belize. The empirical analysis centers on (i) improving access to finance; (ii) exploring drivers of laborforce participation with a view to increasing the labor force contribution to growth; and (iii) assessing thetourism sector’s capacity constraints, and arrives at the following findings. First, it shows that both demand andsupply factors contribute to constraining private sector credit, primarily via the level of lending rates, complexcollateral processes, legacy of high NPLs, and extent of regulatory capital above the regulatory minimum.Second,it delves into the relevance of tourism’s shareinthe services sector, youth’s educational attainment,disparity in labor market outcomes, and availability of childcare for explaining heterogeneity of labor forceparticipation gaps between men and women. Third, it zooms into the critical role of hotel capacity, flightavailability, and cost competitiveness in shaping the tourism sector’sprospects. RECOMMENDED CITATION:Amer, Ziad, Jiajia Gu, Metodij Hadzi-Vaskov, Bunyada Laoprapassorn, ShaneLowe (2026), “Towards Achieving Sustained Economic Growth in Small Developing States: A Primer onBelize”, IMF Working Paper 26/41. Towards Achieving Sustained EconomicGrowth in Small Developing States: APrimer on Belize Prepared byZiad Amer,Jiajia Gu,Metodij Hadzi-Vaskov, Bunyada Laoprapassorn, Shane Lowe Contents Introduction.........................................................................................................................................................3 Access to Finance in Small Developing States..............................................................................................4The Case of Belize.........................................................................................................................................6The Belizean Financial System...............................................................................................................6Understanding the Obstacles to Demand for and Supply of Credit in Belize..........................................8 Addressing Challenges in Labor Force Participation...................................................................................14 Labor Force Participation in Small Developing States.................................................................................14The Case of Belize.......................................................................................................................................14Drivers of Labor Force Participation.............................................................................................................15Context..................................................................................................................................................15Empirical Analysis.................................................................................................................................16 Assessing Tourism Sector’s Capacity Constraints.......................................................................................21 Tourism Relevance for Small Developing States.........................................................................................21Belize’s Tourism Sector................................................................................................................................21 ConcludingRemarks........................................................................................................................................28 References.........................................................................................................................................................29 FIGURES 1. Cumulative Impu