Jamaica - The Road to Sustained Growth : Country Economic Memorandum
Jamaica'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 attribut...
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| Format: | Country Economic Memorandum |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/12/2824834/jamaica-road-sustained-growth-country-economic-memorandum http://hdl.handle.net/10986/14666 |
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okr-10986-14666 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY AGRICULTURE ANNUAL GROWTH BALANCE OF PAYMENTS BANKING CRISIS BONDS BUSINESS ENVIRONMENT CAPITAL FORMATION CITIZEN CLIMATE COMPETITIVENESS CONSUMER PRICE INDEX CPI CRIME CRIME RATES CRISES DEBT DEVELOPMENT INDICATORS DIRECT INVESTMENT ECONOMIC HISTORY ECONOMICS EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS FINANCIAL CRISIS FINANCIAL LIBERALIZATION FINANCIAL SECTOR FISH FREE TRADE GDP GOVERNANCE INDICATORS GROWTH PERFORMANCE GROWTH PROSPECTS GROWTH RATES HOUSING IMPORTS INCOME INCOME INEQUALITY INCOME SHARE INFLATION INTEREST RATES INTERNATIONAL COMPARISONS INTERNATIONAL TRADE INVESTMENT RATES LABOR FORCE LABOR MARKET LIVING CONDITIONS LORENZ CURVE MIGRATION MONETARY POLICY NATIONAL ACCOUNTS POLICY OPTIONS POLICY REFORMS POOR GROWTH POVERTY REDUCTION PRICE INCREASES PRIVATE SECTOR PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC SECTOR PUBLIC SERVICE QUALITY OF LIFE RAPID GROWTH REAL EXCHANGE RATE REAL WAGES SAFETY SAFETY NETS SHORT-TERM IMPACT SUSTAINABLE GROWTH TAX BASE TAX RATES TAXATION TERTIARY EDUCATION TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE POLICY TRANSPARENCY URBAN AREAS VALUE ADDED VIOLENCE WAGES WORLD TRADE ORGANIZATION WTO YOUTH COUNTRY ECONOMIC WORK REFORM POLICY GROWTH PATTERNS COMPETITIVENESS PRODUCTIVITY FISCAL SUSTAINABILITY POLICY OBJECTIVES GROSS DOMESTIC PRODUCT EMPLOYMENT STRATEGIES POVERTY INCIDENCE EXTERNAL SHOCKS FINANCIAL CRISES LIBERALIZATION REGULATORY FRAMEWORK REAL EXCHANGE RATE MONETARY POLICY WAGES COST ESTIMATES SOCIAL ASPECTS CRIME DETERRENCE RISK MANAGEMENT SOCIAL DIALOGUES CONSENSUS BUILDING STAKEHOLDER PARTICIPATION SOCIOECONOMIC CONDITIONS |
| spellingShingle |
ACCOUNTABILITY AGRICULTURE ANNUAL GROWTH BALANCE OF PAYMENTS BANKING CRISIS BONDS BUSINESS ENVIRONMENT CAPITAL FORMATION CITIZEN CLIMATE COMPETITIVENESS CONSUMER PRICE INDEX CPI CRIME CRIME RATES CRISES DEBT DEVELOPMENT INDICATORS DIRECT INVESTMENT ECONOMIC HISTORY ECONOMICS EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS FINANCIAL CRISIS FINANCIAL LIBERALIZATION FINANCIAL SECTOR FISH FREE TRADE GDP GOVERNANCE INDICATORS GROWTH PERFORMANCE GROWTH PROSPECTS GROWTH RATES HOUSING IMPORTS INCOME INCOME INEQUALITY INCOME SHARE INFLATION INTEREST RATES INTERNATIONAL COMPARISONS INTERNATIONAL TRADE INVESTMENT RATES LABOR FORCE LABOR MARKET LIVING CONDITIONS LORENZ CURVE MIGRATION MONETARY POLICY NATIONAL ACCOUNTS POLICY OPTIONS POLICY REFORMS POOR GROWTH POVERTY REDUCTION PRICE INCREASES PRIVATE SECTOR PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC SECTOR PUBLIC SERVICE QUALITY OF LIFE RAPID GROWTH REAL EXCHANGE RATE REAL WAGES SAFETY SAFETY NETS SHORT-TERM IMPACT SUSTAINABLE GROWTH TAX BASE TAX RATES TAXATION TERTIARY EDUCATION TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE POLICY TRANSPARENCY URBAN AREAS VALUE ADDED VIOLENCE WAGES WORLD TRADE ORGANIZATION WTO YOUTH COUNTRY ECONOMIC WORK REFORM POLICY GROWTH PATTERNS COMPETITIVENESS PRODUCTIVITY FISCAL SUSTAINABILITY POLICY OBJECTIVES GROSS DOMESTIC PRODUCT EMPLOYMENT STRATEGIES POVERTY INCIDENCE EXTERNAL SHOCKS FINANCIAL CRISES LIBERALIZATION REGULATORY FRAMEWORK REAL EXCHANGE RATE MONETARY POLICY WAGES COST ESTIMATES SOCIAL ASPECTS CRIME DETERRENCE RISK MANAGEMENT SOCIAL DIALOGUES CONSENSUS BUILDING STAKEHOLDER PARTICIPATION SOCIOECONOMIC CONDITIONS World Bank Jamaica - The Road to Sustained Growth : Country Economic Memorandum |
| geographic_facet |
Latin America & Caribbean Jamaica |
| description |
Jamaica'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. |
| format |
Economic & Sector Work :: Country Economic Memorandum |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Jamaica - The Road to Sustained Growth : Country Economic Memorandum |
| title_short |
Jamaica - The Road to Sustained Growth : Country Economic Memorandum |
| title_full |
Jamaica - The Road to Sustained Growth : Country Economic Memorandum |
| title_fullStr |
Jamaica - The Road to Sustained Growth : Country Economic Memorandum |
| title_full_unstemmed |
Jamaica - The Road to Sustained Growth : Country Economic Memorandum |
| title_sort |
jamaica - the road to sustained growth : country economic memorandum |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/12/2824834/jamaica-road-sustained-growth-country-economic-memorandum http://hdl.handle.net/10986/14666 |
| _version_ |
1764428356014571520 |
| spelling |
okr-10986-146662021-04-23T14:03:17Z Jamaica - The Road to Sustained Growth : Country Economic Memorandum World Bank ACCOUNTABILITY AGRICULTURE ANNUAL GROWTH BALANCE OF PAYMENTS BANKING CRISIS BONDS BUSINESS ENVIRONMENT CAPITAL FORMATION CITIZEN CLIMATE COMPETITIVENESS CONSUMER PRICE INDEX CPI CRIME CRIME RATES CRISES DEBT DEVELOPMENT INDICATORS DIRECT INVESTMENT ECONOMIC HISTORY ECONOMICS EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS FINANCIAL CRISIS FINANCIAL LIBERALIZATION FINANCIAL SECTOR FISH FREE TRADE GDP GOVERNANCE INDICATORS GROWTH PERFORMANCE GROWTH PROSPECTS GROWTH RATES HOUSING IMPORTS INCOME INCOME INEQUALITY INCOME SHARE INFLATION INTEREST RATES INTERNATIONAL COMPARISONS INTERNATIONAL TRADE INVESTMENT RATES LABOR FORCE LABOR MARKET LIVING CONDITIONS LORENZ CURVE MIGRATION MONETARY POLICY NATIONAL ACCOUNTS POLICY OPTIONS POLICY REFORMS POOR GROWTH POVERTY REDUCTION PRICE INCREASES PRIVATE SECTOR PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC SECTOR PUBLIC SERVICE QUALITY OF LIFE RAPID GROWTH REAL EXCHANGE RATE REAL WAGES SAFETY SAFETY NETS SHORT-TERM IMPACT SUSTAINABLE GROWTH TAX BASE TAX RATES TAXATION TERTIARY EDUCATION TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE POLICY TRANSPARENCY URBAN AREAS VALUE ADDED VIOLENCE WAGES WORLD TRADE ORGANIZATION WTO YOUTH COUNTRY ECONOMIC WORK REFORM POLICY GROWTH PATTERNS COMPETITIVENESS PRODUCTIVITY FISCAL SUSTAINABILITY POLICY OBJECTIVES GROSS DOMESTIC PRODUCT EMPLOYMENT STRATEGIES POVERTY INCIDENCE EXTERNAL SHOCKS FINANCIAL CRISES LIBERALIZATION REGULATORY FRAMEWORK REAL EXCHANGE RATE MONETARY POLICY WAGES COST ESTIMATES SOCIAL ASPECTS CRIME DETERRENCE RISK MANAGEMENT SOCIAL DIALOGUES CONSENSUS BUILDING STAKEHOLDER PARTICIPATION SOCIOECONOMIC CONDITIONS Jamaica'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. 2013-07-30T21:12:33Z 2013-07-30T21:12:33Z 2003-12-04 http://documents.worldbank.org/curated/en/2003/12/2824834/jamaica-road-sustained-growth-country-economic-memorandum http://hdl.handle.net/10986/14666 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Economic Memorandum Economic & Sector Work Latin America & Caribbean Jamaica |