MEMORANDUM

TO:

Mrs. Lisa Ramirez

FROM:

Julton Wagner

SUBJECT:

Prospective Professional Memo

DATE:

May 17th, 2015

In current events, we have heard the plea for economic growth in Belize. Unemployment is
plaguing the lives of Belizeans countrywide, as it contributes to the decrease in our standard of
living. Enthusiastic graduates are not able to secure jobs after investing several resources into
their degrees. In more extreme cases, the impoverished are forced to commit crimes in order to
satisfy their most basic requirements with the current job situation. Currently, the Belizean
government has implemented the Petrocaribe project, which will provide improved infrastructure
as well as the creation of pro-poor programs that seek to alleviate poverty in Belize. However,
are measures like these sustainable? When the bond eventually matures, the government will be
making exuberant repayments which will be primarily sourced through taxes. Can the Belizean
middle-class afford another tax increase? My name is Julton Wagner and I seek to provide the
remedy to this plight by becoming a trade economist.
My knowledge and academic life
In majority of my economics courses, we have discussed the importance of the market and
market analysis. It makes no sense to establish a business in an industry that is oligopolistic or
monopolistic, as they will utilize predatory pricing to put you out of business. This brings forth
the need for market analysis. Market analysis is the study of the economy to determine which is
the most prospective and lucrative market to operate in. However, this is easier said than done,
because the economy is dynamic. It is constantly fluctuating and can easily drive out businesses
that are not ready to face these challenges. This high degree of difficulty has motivated me even
more to becoming a trade economist.
Before enrolling at Galen University, my feeder institution was St. Johns College Junior
College. I was a Business Administration Major with concentration in Economics. At St. Johns,
I came in first out of the Business Administration with concentration in Economics group with a
cumulative GPA of 3.56. I also came in second, along with my marketing group, for making an
advertisement for Atlantic Bank. All in all, I am well versed in mathematics, economics, finance
and business management.
The roles of a Trade Economist
Trade economists are responsible for: conducting economic research, creating new economic
models to analyze fluctuations in the economy, analyzing trade agreements and their effects,

promoting trade creation and advising governments on regional trade policies that may
hinder/stimulate the economy. From the list mentioned, it is clear that they have a lot of
responsibilities that are to be taken seriously.
Murray N. Rothbard once said: It is no crime to be ignorant of economics, which is, after all, a
specialized discipline and one that most people consider to be a dismal science. But it is totally
irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this
state of ignorance.
This profession is very much in demand, as trade economists are required in:

Businesses
Government
Banks
Tourism

In Belize, an economics major may find difficulty securing a job in comparison to an accounting
or tourism major, but the work is much more rewarding. As a trade economist, you engage in
several different tasks. There is seldom a moment where you engage in boring, repetitive
activities. From travelling all over the world to attend meetings on how to correct market
failures, to working with the government to expand trade opportunities; the work is difficult, but
enticing.
As I obtain more knowledge in economics, I found myself garnering an appreciation of the work
the Ministry of Trade does and its role in stimulating the Belizean economy.
Necessary Skills for a Trade Economist
Being a trade economist is not for the delinquent, as it requires several skills which include:

Quantitative skills
Interpretation skills
Analytical skills
Deep understanding of the open economy
Impartial
Utilize clear and concise language

As a trade economist, quantitative skills are important, because you will be primarily working
with numbers and not literature. The use of calculus and statistics will be extremely important in
understanding how variables change and how they may be related. Interpretation and analytical
skills are also vital, because a trade economist must be able to analyze the behavior of the
variables and draw conclusions from them, so they can have an idea of how the future will be
like. An understanding of the open economy is vital, because trade only occurs when the
economy is open. If the economy was closed, there would be no trade. Countries would produce

all that they need, regardless if their industries are inefficient. However, this inefficiency brings
forth the need for an open economy which is an economy in which countries are involved with
trade.
Trade allows countries to import goods they cannot efficiently produce and export goods they
can efficiently produce. The implications for openness are tedious and trade economists must
account for them. They must account for: exchange rate differences, regional and international
trade agreements and diplomatic relations when considering trading with the region. Next, trade
economists must be impartial. They must solely be focused on improving the economy and not
implementing a policy due to political influence. Finally, in their reports, trade economists must
utilize clear and concise language, as policymakers do not want to read reports that are extremely
lengthy and are ambiguous. They want to read reports that are clear and unambiguous.
My life after 5-10 years
In the next 5-10 years after attaining my Bachelors and Masters, I would like to work with the
Ministry of Trade as a trade economist. They are directly responsible for advising the
government on trade opportunities and provide feedback on the effectiveness of trade agreements
and regional integration. I feel that throughout my studies, I have attained sufficient tools in my
arsenal to be able to take on this job and be very effective during my time there. At the Ministry
of Trade, my salary is likely to be around $2,000-$2,600 BZD monthly.
The second option would be to work with the Central Bank as a policymaker. The Central Bank
is directly responsible for altering the money supply or interest rates during economic
fluctuations. As a policymaker, I can serve my country well by implementing the right policies to
stimulate the economy. At the Central Bank, my salary is likely to be around $3,000-$3,500
monthly.
If the opportunity is present, I would also like to work for CARICOM at the Secretariats desk. I
was very impressed with the work they have done through CSME towards regional integration
and I believe that I could further the integration process.
What is required of me
To be a trade economist is hard work. I need to be well-versed in mathematics, economics and
finance. I have proven myself as a hardworking individual during my time at Galen. After my
first semester there, I had attained a 4.0 GPA, while tutoring my fellow classmates in
mathematics. This denotes what a hard worker I am, as it is no easy feat to achieve such high
marks while devoting countless hours to my peers.
If I can continue on this path and avoid all distractions that appear, then I see no reason why I
cannot achieve my dream of being a trade economist and developing Belize.