The road to sustained growth in Jamaica

• Main Author: Staff, World Bank
• Format: eBook Book Publication
• Language: English
• Published: Washington, D.C World Bank 2004; World Bank Publications; The World Bank; Washington, DC
• Edition: 1
• Series: Country Studies
• Subjects: ACCOUNTABILITY; AGRICULTURE; ANNUAL GROWTH; BALANCE OF PAYMENTS; BANKING CRISIS; BONDS; BUSINESS COMMUNITY; BUSINESS ENVIRONMENT; CAPITAL FORMATION; CAPITAL USE; CITIZEN; CLIMATE; COMPETITIVENESS; CONSENSUS BUILDING; CONSUMER PRICE INDEX; CPI; CRIME; CRIME DETERRENCE; CRIME RATES; CRISES; CROWDING OUT; DATA COLLECTION; DEBT; DEVELOPMENT GOALS; DEVELOPMENT INDICATORS; DIRECT INVESTMENT; DISASTERS; ECONOMIC CONDITIONS; ECONOMIC DEVELOPMENT; ECONOMIC GROWTH; ECONOMIC HISTORY; ECONOMIC POLICY; ECONOMICS; EDUCATED WORKERS; EDUCATION & ECONOMIC DEVELOPMENT; EMPLOYMENT; EMPLOYMENT POTENTIAL; EXCHANGE RATE; EXCHANGE RATES; EXPENDITURES; EXPORTS; FINANCIAL CRISIS; FINANCIAL SECTOR; FISH; FREE TRADE; GDP; GDP PER CAPITA; GOVERNANCE INDICATORS; GROSS DOMESTIC PRODUCT; GROWTH PATTERNS; GROWTH PERFORMANCE; GROWTH PROSPECTS; GROWTH RATES; HOUSING; HUMAN CAPITAL; IMPORTS; INCOME; INCOME INEQUALITY; INCOME SHARE; INFLATION; INSURANCE; INTEREST RATES; INTERNATIONAL COMPARISONS; INTERNATIONAL TRADE; INVESTMENT POLICY; INVESTMENT RATES; Jamaica; Jamaica > Economic conditions; Jamaica > Economic policy; Jamaika; LABOR FORCE; LABOR MARKET; LIVING CONDITIONS; LOCAL COMMUNITIES; LORENZ CURVE; MACROECONOMIC POLICY; MACROECONOMIC STABILITY; MIGRATION; NATIONAL ACCOUNTS; PARENTS; PARTNERSHIP; POLICY FRAMEWORK; POLICY OPTIONS; POLICY REFORMS; POOR GROWTH; POVERTY ANALYSIS; POVERTY INCIDENCE; POVERTY REDUCTION; PRICE INCREASES; PRIVATE SCHOOLS; PRIVATE SECTOR; PRODUCTIVITY; PRODUCTIVITY GROWTH; PUBLIC EXPENDITURE; PUBLIC EXPENDITURES; PUBLIC SECTOR; PUBLIC SERVICE; QUALITY OF LIFE; RAPID GROWTH; REAL EXCHANGE RATE; REAL GDP; REAL WAGES; REFORM IMPLEMENTATION; REFORM POLICY; SAFETY; SAFETY NETS; SCHOOLS; SHORT-TERM IMPACT; SOCIAL COSTS; SOCIAL DIALOGUES; SOCIAL SAFETY NETS; SOCIOECONOMIC INDICATORS; STUDENT ENROLLMENT; TAX BASE; TAX RATES; TAX REVENUES; TAXATION; TERTIARY EDUCATION; TOTAL FACTOR PRODUCTIVITY; TRADE LIBERALIZATION; TRADE POLICY; TRANSPARENCY; UNEMPLOYMENT; URBAN AREAS; URBAN POVERTY; VALUE ADDED; VICTIMS; VIOLENCE; WAGES; Wirtschaftspolitik; Wirtschaftswachstum; WORKERS; WORKPLACE; WORLD TRADE ORGANIZATION; WTO; YOUTH; COMPETITIVENESS; FISCAL; TRADE; CRIME; INTERNATIONAL BANK; GOVERNMENT BUDGET; EDUCATION; DEBT; FINANCIAL; FINANCIAL CRISIS; FINANCIAL SYSTEM; INCOME INEQUALITY; POVERTY; DEBT BURDEN; GROWTH; DEBT OVERHANG; GOVERNMENT EXPENDITURE; EXCHANGE RATE; SOLVENCY
• ISBN: 082135826X; 9780821358269; 0821358278; 9780821358276
• DOI: 10.1596/0-8213-5826-X

Jamaica’s economic history is a story of paradoxes and potential. It has an English-speaking and a reasonably well-educated labor force, is close to the world’s largest market, the USA, and has an abundance of natural beauty, which has spurred tourism. Many of its social and governance indicators are strong, including near universal school enrollment and poverty levels below that of comparable countries. However, the Jamaican story is marked by the paradoxes of low growth in GDP and employment despite high investment and important achievements in poverty reduction. This paper attempts to explain these paradoxes and concludes that one possible explanation is that GDP has been understated. Amid these challenges, the World Bank report proposes that a ‘bandwagon’ approach to reforms may be needed to improve prospects for sustained growth, with policy actions on several important fronts including measures to avert crisis, such as continuing to strengthen social safety nets, as well as short and long term policies, such as reducing the growth of public expenditure and tackling crime. Given that policy choices are likely to be difficult, it argues that an approach based on social dialogue and consensus building is essential to create ownership for future reforms among all stakeholders.