International Trade And Policy ( Ec 925 ) For The Award Of M.sc

2579 Words Nov 14th, 2014 11 Pages
Country Analysis: Belize
Tutor: Professor Ian Wooton
Student Registration Number:201461623

Being an assignment submitted to the Department of Economics, School of Business, University of Strathclyde in partial fulfillment of the requirement of International Trade and Policy (EC 925) for the award of M.Sc. in Applied Economics (2014/2015). November 2014.

1. Introduction
Belize is a private sector led small economy that is highly dependent on external trade and vulnerable to internal and external shocks arising from its macroeconomic and trade policies . Belize trade profile shows that about 61.6 percent of its exports are on agricultural products while imports and exports to Gross Domestic Product (GDP) ratios are 72.4 and 28.6 respectively (World Trade Organization, 2013; European Commission, 2014). This lack of significant diversification beyond agricultural production and tourism; and her high dependence on imports exacerbates Belize’s vulnerability. This is obviously a pointer to the fact that Belize is a labor intensive country primarily based on agriculture, tourism and services with much of its manufactures imported (less capital intensive). Taking cognizance of her exposure to the vulnerability of being a small open economy with high dependence on trade, Belize being a member of the World Trade Organization (WTO) has sought specific provisions for special and differential treatment for developing countries and the recognition of the special status and…
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