Xate Blooming In The Forest Reserve

Tonight, there is some good news coming out of the Chiquibul National Park as the Friends for Conser...

Price for Regular Gasoline and Kerosene Reduce

As of mid-night tonight, prices for Regular Gasoline and Kerosene will see reductions at the pumps. ...

Well Known City Figure Charged For Courts Robbery In Corozal

Also arraigned at the Magistrate’s Court today was known city figure Samuel Halliday, who turned 26 ...

Ambassadors Present Credentials To Governor General

Four ambassadors presented their Letters of Credence today to the Governor General of Belize His Exc...

Preliminary Figures For Re-Registration Released

Today marks the start of week two in the mass re-registration exercise here in the Jewel. As the pro...

  • Xate Blooming In The Forest Reserve

    Tuesday, 10 July 2018 01:56
  • Price for Regular Gasoline and Kerosene Reduce

    Tuesday, 10 July 2018 02:02
  • Well Known City Figure Charged For Courts Robbery In Corozal

    Tuesday, 10 July 2018 02:07
  • Ambassadors Present Credentials To Governor General

    Tuesday, 10 July 2018 02:14
  • Preliminary Figures For Re-Registration Released

    Tuesday, 10 July 2018 02:22

Screen_Shot_2018-02-07_at_7.51.16_PMThe economic situation in Belize will become the central focus in a few weeks when the 2018/2019 budget is read at the end of the fiscal year. With the debt to GDP ratio having ballooned to 100% and our productive sector still facing challenges, it will undoubtedly be another budget with little economic impetus and perhaps the need to hike tax revenue generation even more than last year.


One local sector in the north that continues to feel the effects of the economic downturn is the Commercial Free Zone in the Corozal District. A report in the Por Esto newspaper in Quintana Roo this week, noted that various Mexican-owned businesses have shut their doors and exited the Zone. The report notes that dozens of businesses can be seen decorated with For Rent or For Sale signs for many months now.


The article points out that another factor is the devaluation of the Mexican currency, and the slow economy in the Mexican state of Quintana Roo.


The report notes that the good old days of long lines of shoppers, rushing into the zone to buy cheap clothes and liquor among other goods are now replaced with a ghost scene.


We note that among the new tax revenue measures implemented by the Barrow Administration a year ago was an increase in the social fee paid by businesses in the Free Zone.

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