Belize Tenders


Capital Belmopan
ISO 3166 Code BZ
Population 349,728
Area, Sq KM 22,966
Currency Belize Dollar
Official Language English
GDP, Billion USD 1,493
GDP Growth Rate, % 2.0
Inflation, Avg CP, % Chng 2.75
Interest Rates, % N/A
Unemployement Rate, % 15.65
Exchange Rate, 1 USD Equals 2.02
International dial code 501
Time Zone GMT-06:00
Internet TLD .bz

Belize is located on the eastern coast of Central America and shares its border on the north with Mexico and west with Guatemala. Caribbean Sea is located on its east resulting in abundance of marine species. Due to the diversity in the ecosystem found in this country along with an abundance of marine and terrestrial species, Belize has acquired a significant place in Mesoamerican Biological Corridor. With a population of 340, 844, the country is known for its lowest population density in entire Central America. In fact it is the only Central American country where English is considered to be the official language. However Spanish and Belizean Creole is also spoken. The mainland of this country is estimated to be 110 km wide and 290 km long. Belize comprises of a wide array of languages and cultures and the country is known to have a diverse society and a rich history. It shares a colonial history as the country was originally a part of the British Empire. Therefore the colonial impact and influence can be felt strongly. Belize became an independent commonwealth realm in the year 1981. The country has strong ties with both Caribbean as well as Latin American regions. Belize is famous for its September celebrations and punta music. It is also considered the birthplace of chewing gums. The economy of Belize is small and privatized enterprise which is primarily based on the export of crude oil, petroleum, agro based industry, merchandising, agriculture along with construction and tourism. This country is also a producer of industrial minerals. Other than petroleum some of the other commodities that are exported include sugar, bananas and citrus. Due to the low export prices, a steady growth in trade deficit can be seen. Out of the five commercial banks that are located in Belize, the Belize bank is known to be the largest as well as oldest. The government in power finds it difficult to implement economic stability therefore rapid actions have been taken to improve the tax collection. The domestic industry of Belize is quite constrained and limited due to the size of the domestic market which is small and also because of the high cost if energy and labour. Tourism along with telecommunications, energy and agricultural sectors are known to contribute immensely to the foreign direct investment. The country’s economy depended on forestry too to a large extent till the 20th century.

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