Belize

With a population of just over 450,000 people, Belize stands as the smallest economy in Central America and the second-smallest by size after El Salvador. Yet, it boasts an exceptionally diverse geography, encompassing 300 kilometers of Caribbean coastline, approximately 450 islands or islets, vast expanses of rainforest, mountains and rivers, and the world’s second-largest barrier reef. International tourism is a significant driver of growth, contributing to around 40% of the economy, while foreign direct investment (FDI), facilitated by a currency pegged to the dollar, is predominantly focused on the hospitality and real estate sectors.

Yet, the over-reliance on tourism has its downsides. Despite the potential in mining, agro-business and trade, institutional weaknesses, regulatory inefficiencies and lack of transparency have hindered the development of a more diverse economic landscape. Further impediments include a fragile banking system, a small domestic market, and susceptibility to climatic events.