ASSESSING THE EFFICIENCY OF COMMERCIAL BANKS IN BELIZE FOLLOWING THE GLOBAL RECESSION
Authors: Gonzalez Rafael Enrique
Published: June 2024
Abstract
<p>The role of the banking system and monetary mechanisms is paramount in driving the economic development of nations. Commercial banks, in particular, play a pivotal role in facilitating essential sectors of the economy, transforming the dreams and aspirations of millions into reality by providing crucial loans and advances. However, Caribbean nations faced not only natural disasters but also the man-made catastrophe of the "Global Recession" between 2007 and 2008. The repercussions of the 2008 global financial crisis were notably severe in the Caribbean, surpassing the impact felt in the rest of Latin America. Caribbean countries, including Belize, experienced a significant economic downturn in 2009. The severity of the crisis in these economies can be attributed to their substantial dependence on the United States as a trade partner, source of foreign direct investment, tourism, and remittances (Kouame & Reyes, 2011). This abstract provides an overview of the critical role of the banking sector in the context of Caribbean economic challenges</p>
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