Richardson _Economic_Development_Nov
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Richardson _Economic_Development_Nov
Economic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nove)INTRODUCTIONThe economy in Belize has its origins in the logging trade from the days of colonialism, and it has expanded over the decades through the cultivation, production, and exportation of sugar cane, citrus products, bananas, farmed shrimp, and several more specialized crops, as well as thro Richardson _Economic_Development_Novugh the development of a successful nature-based tourism sector. Despite erratic growth that has taken an overall positive course, the accumulated weaRichardson _Economic_Development_Nov
lth has not been realized throughout the country, as poverty and its afflictions restrain a significant portion of the population from the advances ofEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Novvelopment; it could be characterized by notable advances as well as acute setbacks, sometimes with both occurring contemporaneously. Saddled with unsustainable' high levels of public debt, reduced credibility, and a more competitive global trade environment, the government of Belize is in a highly-p Richardson _Economic_Development_Novrecarious position in its 25m year of independence. This essay begins with a brief overview' of economic history in Belize and continues with an analyRichardson _Economic_Development_Nov
sis of several indicators of economic development, followed by a discussion of the opportunities and challenges that the country' faces as it looks toEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nov the context of its colonial past. Like much of the Central America and Caribbean regions, Belize was entangledEconomic Development in Belize 2in a colonial contest between European powers in the 16'h, 17th, and 18th centuries, where islands and territories were played like pawns in a quest for land Richardson _Economic_Development_Nov, slaves, and resources. In the early years of the 17th century-, Spain effectively controlled the region, although British woodcutters and former bucRichardson _Economic_Development_Nov
caneers had begun to settle near the coast of what is now known as Belize.The British were interested primarily because of mahogany and logwood, and fEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nov Campeche wood, dye wood, and palo de time) was used as a coloring matter by the British woolen industry' to produce a variety of shades (Shoman, 1994; Rocas, 2003).* The British penchant for the prized logwood led to numerous struggles with the Spaniards for possession of forested land and the even Richardson _Economic_Development_Novtual settlement of what became Belize City. After numerous attacks on the British settlers, Spain eventually began permitting English logcutters to clRichardson _Economic_Development_Nov
aim land and establish “logwood works” to cut logwood in 1763. The right to establish mahogany works was accorded in 1786; mahogany produces one of thEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nov up temporary camps along the coast and rivers, and the mouth of the Belize River became a trading port where "bark logs" were floated for export. The humble British settlement became known as “Belize in the Bay of Honduras," and later, "British Honduras."The population of Belize increased ten-fold Richardson _Economic_Development_Novduring the 19th century, due in great pan to immigration at the northern and southern ends of the country. Agricultural production for export had beenRichardson _Economic_Development_Nov
prohibited according to treaties between Spain and Britain, but with British sovereignty assured by mid-century-, the cultivation of sugar cane fieldEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Novrt-lived, and the industry suffered a steep decline prior to the end of the century (Shoman, 1994).Aller more than a c entury OÍ British oc c upation and coni lid over the struggle lor power and authority. Belize was officially made a Crown Colony in 1871. By century end, the growing economic influe Richardson _Economic_Development_Novnce of lhe USA had surpassed lhal OÍ Britain, due in pari Io its closer proximity for trade, lhe majority of exports were shipped to the USA by the eaRichardson _Economic_Development_Nov
rly 20- century. the most significant of whic h was ( hide for lhe production of chewing gum. In 1896, chicle exports reached one million pounds, a drEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Novn the southern districts favored the development of a banana export industry, which attracted thousands of immigrants from other Central American countries seeking work (Shoman, 1994).By 1950, forest products comprised about 85% of total export earnings, but the industry-declined rapidly because of Richardson _Economic_Development_Novdecades of excessive colonial exploitation. A decade later, the economy had shifted from forestry exports to agriculture; agricultural policies promotRichardson _Economic_Development_Nov
ed large-scale production for export, which were based on preferential trade agreements with the developed economics to the north. Since 1959 exports Economic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nov quota for sugar to Europe (Barnett. 1999).Political developments within the country eventually led by 1961 to the agreemenl lhal Belize could attain independence from Britain at any time, but tills process was delayed because of the territorial (laim of Belize by Guatemala and the associated. In 19 Richardson _Economic_Development_Nov63 Belize was offered “full internal self-government.” which did much to increase national pride and optimism (Shoman, 1994). After a lengthy processRichardson _Economic_Development_Nov
of international negotiations, involving Britain, theEconomic Development in Belize 4USA, Mexico, the United Nations, and CARICOM, Belize resisted preEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nov INDEPENDENCE - TOURISM TO OILSince independence, the economy of Belize has maintained its focus on exports, although like many developing nations in the tropics, after the forests were exploited, large-scale plantation-type agricultural production followed (Central Bank, 1999). The economy has foll Richardson _Economic_Development_Novowed a course of instability that is defined by a vulnerability to a narrow range of export products, dynamic global market forces, and a heavy relianRichardson _Economic_Development_Nov
ce on imports for consumption. At the time of independence, sugar had returned to prominence, accounting for 63% of total exports, but rapidly plummetEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Novts an extremely narrow and vulnerable economic base (Barnett, 1999); the Belizean economy has remained vulnerable since that time, due in part to rising import prices and declining prices for its export products.The exportation of agricultural products remains an important component of the Belizean Richardson _Economic_Development_Noveconomy. Domestic exports declined from a peak of BZS420 million in 2000 due in part to falling prices, but have partly recovered because of hefty incRichardson _Economic_Development_Nov
reases in the production of citrus products, marine products, and bananas. The value of citrus products exports comprised more than one-fourth of totaEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Nove been remained between 12% and 17%. Marine products have historically played an important role in Belize’sEconomic Development in Belize 5export base, but mushroomed to nearly 29% of exports in 2003 with additional investments in aquaculture, or the farmed production of seafood species such as shri Richardson _Economic_Development_Novmp and fish. Table 1 presents historic data for major domestic exports from 2000 to 2005.Despite significant increases in production and exportation,Richardson _Economic_Development_Nov
particularly in citrus and shrimp production, the value of domestic exports in Belize has remained mostly flat because of declining market prices. ExpEconomic Development in Belize: Two Steps Forward, T\vo Steps BackRobert B. Richardson. Ph.D. Michigan State University (USA) Galen University (Belize Richardson _Economic_Development_Novriod (see Figure 1); the decline is primarily driven by world shrimp prices that have fallen by more than half, while lobster and conch prices have risen. Prices of grapefruit and orange concentrate followed a similar downward trend, but in 2005 rebounded slightly. Papaya production is a relatively Richardson _Economic_Development_Novnascent industry in Belize, and production tripled between 2000 and 2005; prices, however, have followed a downward trend similar to that of citrus prRichardson _Economic_Development_Nov
oducts (see Figure 2). Since 2000 banana prices have fallen by 35%. Prices of sugar exports have been less erratic due in part to preferential trade aGọi ngay
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