Jamaica - The Road to Sustained Growth : Country Economic Memorandum

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dc.creatorWorld Bank
dc.date2013-07-30T21:12:33Z
dc.date2013-07-30T21:12:33Z
dc.date2003-12-04
dc.date.accessioned2026-07-01T01:24:16Z
dc.descriptionJamaica's poor growth performance has a number of well-known explanations, but they need to be supplemented for the latter half of the 1990s, by the loss of competitiveness. The negligible (measured) GDP growth in the 1990s is usually attributed to two factors: an adverse external climate and the financial crisis that arose from bank privatization to poorly capitalized investors, and, financial liberalization, unaccompanied by an appropriate regulatory strengthening. The poverty headcount however, was halved between 1992 and 1998, despite negligible measured GDP growth, which can be largely explained by a conjunction of several factors particular to the period: underestimated GDP growth, judging from the growth in consumption of power, and meat and fish, as well as the rapid growth of currency usage; inflation, which hurts the poor disproportionately, fell sharply; the relative price of food declined, owing largely to trade liberalization and the appreciation in the real exchange rate; other factors may have been the rise in real wages, and remittances. But two important poverty-reducing factors are unlikely to continue to operate in the future, which means that further reduction of poverty is likely to depend on achievement of sustained growth. The report questions Jamaica's self-sustaining and job-creating growth restoration, and argues that this requires improving international competitiveness and productivity, while also addressing short-term exigencies. The policy options are grouped into three categories - those necessary to limit the risk of a crisis and its effect, with a likely immediate impact; those likely to have an impact in the short-term; and, those likely to have an impact in the medium and long-term, but on which action is nonetheless needed now. The report suggests a 'bandwagon' approach to reforms, with policy actions needed on several fronts, in order to improve prospects for sustained growth, including measures that help avoid crises, since crises hurt the poor and damage growth prospects. Such an approach could involve: crisis-proofing actions; actions with short-term impact; and, actions with medium-long-term impact. Given that policy choices are likely to be difficult, an approach based on social dialogue and consensus-building is essential to creating ownership for future reforms by all stakeholders, and for maintaining and improving social peace.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2003/12/2824834/jamaica-road-sustained-growth-country-economic-memorandum
dc.identifierhttps://hdl.handle.net/10986/14666
dc.identifierhttps://doi.org/10.1596/14666
dc.identifier.urihttp://hdl.handle.net/123456789/417781
dc.languageEnglish
dc.languageen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectACCOUNTABILITY
dc.subjectAGRICULTURE
dc.subjectANNUAL GROWTH
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANKING CRISIS
dc.subjectBONDS
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITAL FORMATION
dc.subjectCITIZEN
dc.subjectCLIMATE
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMER PRICE INDEX
dc.subjectCPI
dc.subjectCRIME
dc.subjectCRIME RATES
dc.subjectCRISES
dc.subjectDEBT
dc.subjectDEVELOPMENT INDICATORS
dc.subjectDIRECT INVESTMENT
dc.subjectECONOMIC HISTORY
dc.subjectECONOMICS
dc.subjectEMPLOYMENT
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectEXPORTS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL LIBERALIZATION
dc.subjectFINANCIAL SECTOR
dc.subjectFISH
dc.subjectFREE TRADE
dc.subjectGDP
dc.subjectGOVERNANCE INDICATORS
dc.subjectGROWTH PERFORMANCE
dc.subjectGROWTH PROSPECTS
dc.subjectGROWTH RATES
dc.subjectHOUSING
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINCOME INEQUALITY
dc.subjectINCOME SHARE
dc.subjectINFLATION
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL COMPARISONS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT RATES
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLIVING CONDITIONS
dc.subjectLORENZ CURVE
dc.subjectMIGRATION
dc.subjectMONETARY POLICY
dc.subjectNATIONAL ACCOUNTS
dc.subjectPOLICY OPTIONS
dc.subjectPOLICY REFORMS
dc.subjectPOOR GROWTH
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE INCREASES
dc.subjectPRIVATE SECTOR
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SERVICE
dc.subjectQUALITY OF LIFE
dc.subjectRAPID GROWTH
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL WAGES
dc.subjectSAFETY
dc.subjectSAFETY NETS
dc.subjectSHORT-TERM IMPACT
dc.subjectSUSTAINABLE GROWTH
dc.subjectTAX BASE
dc.subjectTAX RATES
dc.subjectTAXATION
dc.subjectTERTIARY EDUCATION
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADE POLICY
dc.subjectTRANSPARENCY
dc.subjectURBAN AREAS
dc.subjectVALUE ADDED
dc.subjectVIOLENCE
dc.subjectWAGES
dc.subjectWORLD TRADE ORGANIZATION
dc.subjectWTO
dc.subjectYOUTH COUNTRY ECONOMIC WORK
dc.subjectREFORM POLICY
dc.subjectGROWTH PATTERNS
dc.subjectCOMPETITIVENESS
dc.subjectPRODUCTIVITY
dc.subjectFISCAL SUSTAINABILITY
dc.subjectPOLICY OBJECTIVES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectEMPLOYMENT STRATEGIES
dc.subjectPOVERTY INCIDENCE
dc.subjectEXTERNAL SHOCKS
dc.subjectFINANCIAL CRISES
dc.subjectLIBERALIZATION
dc.subjectREGULATORY FRAMEWORK
dc.subjectREAL EXCHANGE RATE
dc.subjectMONETARY POLICY
dc.subjectWAGES
dc.subjectCOST ESTIMATES
dc.subjectSOCIAL ASPECTS
dc.subjectCRIME DETERRENCE
dc.subjectRISK MANAGEMENT
dc.subjectSOCIAL DIALOGUES
dc.subjectCONSENSUS BUILDING
dc.subjectSTAKEHOLDER PARTICIPATION
dc.subjectSOCIOECONOMIC CONDITIONS
dc.titleJamaica - The Road to Sustained Growth : Country Economic Memorandum

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