PRESENTATION BY THE HON. GABRIEL MARTINEZ MINISTER OF LABOUR at - - PowerPoint PPT Presentation

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PRESENTATION BY THE HON. GABRIEL MARTINEZ MINISTER OF LABOUR at - - PowerPoint PPT Presentation

Nov 08, 2022 249 likes •538 views

PRESENTATION BY THE HON. GABRIEL MARTINEZ MINISTER OF LABOUR at the ILO TRIPARTITE CARIBBEAN CONFERENCE JAMAICA, 1-2 April 2009 Promoting Human Prosperity beyond the Global Financial Crisis: Seeking Sustainable Solutions through Social

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PRESENTATION BY THE HON. GABRIEL MARTINEZ MINISTER OF LABOUR at the ILO TRIPARTITE CARIBBEAN CONFERENCE JAMAICA, 1-2 April 2009

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“Promoting Human Prosperity beyond the Global Financial Crisis: Seeking Sustainable Solutions through Social Dialogue”

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Introduction:

  • Implications for Belize, a small,

developing country.

  • key sectors impacted and the implications

for our people and organisations.

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Sectors of the Belizean Economy impacted by the Global Crisis

GDP growth projected:

  • Decelerated from 3.8% in 2008 to

3.0%

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Domestic Exports

  • reduced demand for main

agricultural exports.

  • Forecasted petroleum receipts

should fall by $108.3 million or 53.2%.

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Domestic Exports cont’d

  • lobster prices have fallen by an

average of 28.0% in 2009.

  • Farmed shrimp prices are assumed

to decline

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Domestic Exports cont’d

  • 24.0% reduction in the average unit

export price for citrus juices is predicted

  • Cross border trade with Mexico

weaken by around 5.0%

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Domestic Exports cont’d

  • the fall in commodity prices and weaker

cross-border trade will be largely responsible for a 15.9% decline in total exports during 2009

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Inflows from Tourism

  • Inflows from tourism are expected

to decline by $51.1 million or 2.7% in 2009.

  • Stay-over visitors in December

2008, which is the start of the peak season for Belize’s tourism was 4.8% lower than in December 2007.

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Inflows from Tourism

  • A 3.7% decline in stay-over tourists

is predicted in 2009

  • The US Accounts for about 64% of

total stay-over arrivals, while Europe accounts for 14%.

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Remittances

Family remittances are projected to fall by 10% or $14.9 million in 2009, based on actual information already available from money transfer businesses.

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Foreign Direct Investment

expected to decline by 48.8% in 2009 as the availability of credit and capital in the international market tightens, and investors become more risk averse.

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External Private Sector Loans

A slowdown in external private sector borrowing is expected in 2009 due to the international credit crisis.

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Impact of the crisis on People and Organisations

  • Reduced prices for agricultural

Products

  • Contraction in construction
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Impact of the crisis on People and Organisations cont’d

  • Marginal contraction in wholesale/

retail activity: Fall in tourist expenditures Winding down of large capital intensive projects

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Impact of the crisis on People and Organisations cont’d

  • Deceleration in real estate activities
  • Reduction in arrivals of stay-over

tourists may lead to some job losses in tourism and related businesses

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Impact of the crisis on People and Organisations cont’d

  • Disposable incomes are likely to

fall with decrease in: tourism activity remittance inflows and foreign direct investment

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Impact of the crisis on People and Organisations cont’d

  • Customers are shifting to lower cost,

generic brands and business turnover has fallen; and

  • Demand for lower non-essential

expenses such as telephone calls, eating out and so on.

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Impact of the crisis on People and Organisations cont’d

  • No evidence to date of layoffs or

shut downs in the sectors

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Impact of the crisis on People and Organisations cont’d

  • The Statistical Institute of Belize

reports a contraction in the unemployment rate of 8.1% at April 2008, from 8.5 % in 2007 and projecting GDP growth to be between 2.5% and 3.0% for 2009.

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Actions to Address the Challenges

Government is taking the following steps:

  • The launch of $200 million (BZ)

stimulus package for:

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Actions to Address the Challenges cont’d

The tourism development project; Sold waste management project; The Development Finance Corporation to provide student and housing loans and loans to small and medium enterprises;

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Actions to Address the Challenges cont’d

Infrastructure rehabilitation; and Municipal urban renewal

  • GST has been removed from

medication and medical services; basic food items have been zero rated; and the rates of electricity have been lowered.

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Actions to Address the Challenges cont’d

  • A positive effect of the fall in

petroleum prices is the dramatic cut in fuel prices at the pump.

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Conclusion

  • Decent Work Country Programme

for Belize: Strengthened tripartite partnership Training and development and Employment readiness for women and youth

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Conclusion cont’d

  • Strong social partnership an

imperative

  • Government of Belize endorse

committee with tripartite and NGO memberships

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Conclusion cont’d

  • We remain optimistic that with a

strong social partnership approach and proactive initiative by CDB, CARICOM Secretariat (COFAP) and Regional Financial Task Force, the Caribbean Community will weather the storm.

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END

THANK YOU