Publication: The Road to Sustained Growth in Jamaica
Date
2004-04
ISSN
Published
2004-04
Author(s)
World Bank
Abstract
Jamaica's economic history is one
of paradoxes, and potential - it has an English-speaking,
and reasonably well-educated labor force, is close to the
world's largest market, the United States, and, has an
abundance of natural beauty, which has spurred tourism -
and, many of its social, and governance indicators are
strong, including near universal school enrollment. Poverty
rates are below that of comparable countries. Yet, the
Jamaican story is marked by the paradoxes of low growth in
GDP and high 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, this report proposes that a
"bandwagon" approach to reforms may be needed to
improve prospects for sustained growth, with policy actions
on several fronts, including measures to avert crisis, while
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.
Citation
“World Bank. 2004. The Road to Sustained Growth in Jamaica. World Bank Country Study;. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/22e8cc0e-6d75-5826-ab61-8aa96c6ac8a0 License: CC BY 3.0 IGO.”