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Adjustment of the minimum wage falls under the larger context of post-COVID-19 economic recovery and sustainable economic development more generally. Roughly 52% of the population was below the poverty line in 2018 and 11% of the total population was vulnerable to poverty [1]. Increasing wages can be a transformative step toward meeting national human development goals as part of the country's commitment to the SDGs. Improving the quality of life for present and future generations is a cornerstone of the country's sustainable development framework, outlined in several key policies and strategies.
There is consensus that the implementation of the proposed minimum wage increase needs to take into consideration:
The inflationary pressures currently faced by businesses and consumers.
The continued need to prioritize economic recovery post-Covid-19.
The government's sustainable development strategy which seeks to strengthen domestic food security and sustainable production.
The competitiveness of Belizean producers and businesses against imported goods.
Export competitiveness.
Key sustainable development policies
Plan Belize is the government's roadmap to build a better Belize. The plan focuses on governance, anti-corruption, education, healthcare, agriculture, women's agenda and family, rural living, housing, transport and infrastructure, a safe society and justice, land, the economy, and jobs and tourism.
The National MSME Strategy and Roadmap for Belize outlines the country's strategy for supporting the growth of MSMEs and enhancing the country's business climate and environment for the benefit of entrepreneurs.
The growth and sustainable development strategy (GSDS) is a strategic document with a multi-sectoral approach, relating to the period 2016-2019. Flowing from the horizon 2030 vision, this strategic plan charts the path to a better quality of life for present and future generations of Belizeans.
The economic recovery strategy is designed to provide economic recovery while addressing known fundamental constraints to economic growth. It is intended to provide for needed structural adjustments so that our recovery occurs on a strong foothold for long-term sustainability, thereby strengthening our business sector, and enhancing government efficiency in delivering services.
The national Investment Policy and Strategy outlines the Country's approach to attracting, mobilizing, and retaining investments in the Belizean economy.
Horizon 2030 embodies the vision for Belize in the year 2030 and the core values that are to guide citizen behavior and inform the strategies to achieve this common vision for the future. It represents the consolidated views of many stakeholders—young and old, men and women, students and teachers; politicians and voters; employers and employees; public and private sectors; farmers; tourism operators; and artists.
- Note: The SIB defines vulnerable people as those that are likely to fall into poverty if they experienced some type of economic shock or natural disaster.
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