Jamaica - Country Economic Memorandum : Unlocking Growth
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World Bank
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The objective of this report is to
identify the main obstacles to longer term growth in
Jamaica. The report takes a holistic approach, examining a
large set of economic and social factors that may be
hindering growth and filtering them through a growth
diagnostic analysis to narrow the focus to those that
constrain growth the most. Building on the results of the
growth diagnostic analysis, the report then discusses each
key obstacle and identifies possible reform scenarios to
unlock growth in Jamaica. The report also examines how the
country might further accelerate growth through private
sector development. This Country Economic Memorandum
assesses the key causes that have stalled Jamaica's
economy over the past four decades and presents
recommendations to unlock its growth potential. There is a
basis for optimism in that Jamaica has had political
stability, high rates of private investment, significant
reduction of poverty in rural and urban areas, and improved
income distribution. Nonetheless, this report shows that,
since independence in 1962, long-term economic growth has
been disappointing and underperformed most other countries.
The findings of this study indicate that Jamaica's
disappointing economic performance is traceable to low
productivity caused by (i) deficiencies in human capital and
entrepreneurship that are due to high migration rates and to
deficiencies in the quality of education and training
offered to the labor force, among other factors, (ii) a high
rate of crime, and (iii) distortionary tax incentives
combined with 'enclave' development that does not
spill over to the rest of the economy.
Palabras clave
ACCOUNTANT, ACCOUNTING, ACCOUNTING STANDARDS, ADVERSE EFFECTS, AGRICULTURE, ALLOCATION, ALLOCATION OF CAPITAL, BENCHMARKING, BINDING CONSTRAINT, BRAIN DRAIN, BUDGETING, BUREAUCRACY, CAPITAL FLOWS, CAPITAL FORMATION, CAPITAL GOODS, CAPITAL STOCK, CDF, COMMON LAW, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONFEDERATION, CONTINGENT LIABILITIES, CORPORATE TAX RATES, CORPORATION, CROWDING OUT, CURRENCY, DEBT, DEBT MANAGEMENT, DEBT SERVICE, DEBT SWAP, DEBT-SERVICING COSTS, DEMOGRAPHIC TRANSITION, DEVELOPMENT BANK, DEVELOPMENT STRATEGY, DISPUTE RESOLUTION, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC HISTORY, ECONOMIC IMPACT, ECONOMIC PERFORMANCE, ECONOMICS, ELASTICITIES, ELASTICITY, EMPIRICAL STUDIES, ENABLING ENVIRONMENT, ENVIRONMENTAL, EQUIPMENT, EXCHANGE CONTROLS, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT PERFORMANCE, EXPORT SHARE, EXPORTERS, EXPORTS, FEMALE LABOR, FEMALE LABOR FORCE, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STATEMENTS, FISCAL DEFICITS, FISCAL DISCIPLINE, FISCAL POLICIES, FISCAL POLICY, FIXED CAPITAL, FIXED INVESTMENT, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FREE TRADE, GDP, GDP PER CAPITA, GINI COEFFICIENT, GOVERNMENT GUARANTEES, GOVERNMENT POLICIES, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROSS FIXED CAPITAL FORMATION, GROSS VALUE, GROWTH POTENTIAL, GROWTH RATE, HUMAN CAPITAL, HUMAN RESOURCES, INCOME, INCOME DISTRIBUTION, INCOME TAX, INCOME TAXES, INFLATION, INNOVATION, INTELLECTUAL PROPERTY, INTEREST RATES, INTERNATIONAL MARKET, INVESTING, INVESTMENT ALLOCATION, INVESTMENT CLIMATE, INVESTMENT RATES, LABOR FORCE, LABOR FORCE PARTICIPATION, LABOR MARKET, LABOR MARKET INDICATORS, LABOR MARKETS, LABOR PRODUCTIVITY, LABOUR, LABOUR FORCE, LACK OF TRANSPARENCY, LEGAL SYSTEM, LEGITIMACY, LIBERALIZATION OF TRADE, LIVING CONDITIONS, LOCAL ECONOMY, MANPOWER, MARKET ECONOMY, MARKET SHARE, MATHEMATICS, MINIMUM WAGE, MOTIVATION, NATIONAL SAVING, NATURAL DISASTERS, NOMINAL INCOME, OCCUPATIONS, ORGANIZATIONAL STRUCTURES, PERVERSE INCENTIVES, POLITICAL ECONOMY, POLITICAL STABILITY, POTENTIAL INVESTORS, PRIVATE FINANCING, PRIVATE INVESTMENT, PRIVATE SECTOR, PRODUCTIVE INVESTMENT, PRODUCTIVITY GROWTH, PUBLIC DEBT, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC SECTOR, PUBLIC SPENDING, RATE OF RETURN, RATES OF RETURN, REAL GDP, REAL INTEREST, REAL INTEREST RATES, REAL WAGES, REMITTANCES, RENT-SEEKING BEHAVIOR, REPUBLIC, RETIREMENT, RETURNS, RISK AVERSE, RULE OF LAW, SAFETY, SCIENTIFIC RESEARCH, SKILLED LABOR, STATE INTERVENTION, TAX, TAX EXEMPTIONS, TAX INCENTIVES, TAX POLICIES, TAX POLICY, TAX RATE, TAX RATES, TAX REGIME, TAX REVENUE, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TRADE UNIONS, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, UNSKILLED WORKERS, VALUE ADDED, WAGE DISTRIBUTION, WORLD TRADE ORGANIZATION, WTO