Jamaica - Country Economic Memorandum : Unlocking Growth
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 g...
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| Format: | Country Economic Memorandum |
| Language: | English |
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World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000386194_20110608003811 http://hdl.handle.net/10986/2756 |
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okr-10986-2756 |
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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 |
| topic |
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 |
| spellingShingle |
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 World Bank Jamaica - Country Economic Memorandum : Unlocking Growth |
| geographic_facet |
Latin America & Caribbean Caribbean America Jamaica |
| description |
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. |
| format |
Economic & Sector Work :: Country Economic Memorandum |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Jamaica - Country Economic Memorandum : Unlocking Growth |
| title_short |
Jamaica - Country Economic Memorandum : Unlocking Growth |
| title_full |
Jamaica - Country Economic Memorandum : Unlocking Growth |
| title_fullStr |
Jamaica - Country Economic Memorandum : Unlocking Growth |
| title_full_unstemmed |
Jamaica - Country Economic Memorandum : Unlocking Growth |
| title_sort |
jamaica - country economic memorandum : unlocking growth |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000386194_20110608003811 http://hdl.handle.net/10986/2756 |
| _version_ |
1764385901572521984 |
| spelling |
okr-10986-27562021-04-23T14:02:04Z Jamaica - Country Economic Memorandum : Unlocking Growth World Bank 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 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. 2012-03-19T10:12:46Z 2012-03-19T10:12:46Z 2011-05-26 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000386194_20110608003811 http://hdl.handle.net/10986/2756 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank Economic & Sector Work :: Country Economic Memorandum Latin America & Caribbean Caribbean America Jamaica |