The cultivation of newly discovered oil in the town of Spanish Lookout has presented new prospects and problems for this developing nation.

Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure.

While many merchants and traders became wealthy from the mahogany industry, ups and downs in the market had a large impact on the economy.

As the 19th century progressed, loggers were forced to go deeper into the forests to find the trees, increasing labour costs.

Thus, improvements in hauling methods helped the cutters satisfy increasing demands for mahogany by enabling them to extract timber from areas in the interior that had been previously inaccessible to them.

Immediately after the introduction of cattle in the early 19th century, tractors in the 1920s, and lorries in the 1940s, production levels rose dramatically.

When the supply of accessible timber dwindled and logging became too unprofitable in the 20th century, the country's economy shifted to new sectors.

Cane sugar became the principal export and recently has been augmented by expanded production of citrus, bananas, seafood, and apparel.

The largest of these is a $15 million rural electrification program to be jointly implemented by the government and Belize Electricity Limited (BEL).

A combination of factors—climate, the Belize Barrier Reef (longest in the Western Hemisphere), 127 offshore Cayes (islands), excellent fishing, safe waters for boating, scuba diving, and snorkeling, abundant jungle flora and fauna, and numerous Mayan ruins—support the thriving tourism and ecotourism industry.

Other major trading partners include the European Union, Canada, Mexico, and Caribbean Community (CARICOM) member states.

In 1990, Belize enacted the International Business Companies Act based on the British Virgin Islands model.

Progressive legislation Efficient incorporation/registration Flexibility in company structure Privacy of identity of principals Taxation in Belize The following table shows the main economic indicators in 1980–2017.