Abstract
The objective of this research is to conduct an empirical analysis of the relationship between Economic Growth and Domestic Commercial Lending in Belize. This research is guided along the supply leading and demand following paradigms. Economic growth in this study is measured by annual Gross Domestic Product (GDP) which is employed as the dependent variable. The financial development variables applied are: Commercial Credit to Belize’s Primary, Secondary and Tertiary Sectors, Domestic Commercial Credit to the Private and Public Sectors and Interest Rates (lending). These are employed as the independent variables. The results of this research found that (i) Commercial lending in general has a positive effect on overall economic growth, particularly in the secondary and tertiary sectors (ii) Domestic Commercial Credit to the Private Sector has a positive relation on economic growth (iii) Domestic Credit to the Public Sector does not positively affect economic growth (iv) Increase in Lending Rates has not deterred consumer borrowing and furthermore, economic growth. This research is trying to understand possible factors promoting sustainable Economic Growth of Belize.
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