Jamaica - Country Economic Memorandum : Unlocking Growth

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dc.contributor.author
World Bank
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dc.date.accessioned
2012-03-19T10:12:46Z
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dc.date.available
2012-03-19T10:12:46Z
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dc.date.issued
2011-05-26
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dc.identifier.uri
http://hdl.handle.net/10986/2756
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dc.description.abstract
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.
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dc.language
English
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dc.publisher
World Bank
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dc.rights
Creative Commons Attribution CC BY 3.0
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dc.rights.uri
http://creativecommons.org/licenses/by/3.0/
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dc.subject
ACCOUNTANT
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dc.subject
ACCOUNTING
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ACCOUNTING STANDARDS
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ADVERSE EFFECTS
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AGRICULTURE
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dc.subject
ALLOCATION
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ALLOCATION OF CAPITAL
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BENCHMARKING
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BINDING CONSTRAINT
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BRAIN DRAIN
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BUDGETING
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BUREAUCRACY
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CAPITAL FLOWS
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CAPITAL FORMATION
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CAPITAL GOODS
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CAPITAL STOCK
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CDF
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COMMON LAW
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COMPARATIVE ADVANTAGE
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COMPETITIVENESS
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dc.subject
CONFEDERATION
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CONTINGENT LIABILITIES
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CORPORATE TAX RATES
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CORPORATION
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CROWDING OUT
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CURRENCY
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DEBT
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DEBT MANAGEMENT
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DEBT SERVICE
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DEBT SWAP
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DEBT-SERVICING COSTS
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DEMOGRAPHIC TRANSITION
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DEVELOPMENT BANK
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DEVELOPMENT STRATEGY
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DISPUTE RESOLUTION
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dc.subject
ECONOMIC ACTIVITY
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dc.subject
ECONOMIC DEVELOPMENT
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dc.subject
ECONOMIC GROWTH
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dc.subject
ECONOMIC HISTORY
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dc.subject
ECONOMIC IMPACT
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ECONOMIC PERFORMANCE
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ECONOMICS
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ELASTICITIES
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ELASTICITY
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EMPIRICAL STUDIES
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ENABLING ENVIRONMENT
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ENVIRONMENTAL
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EQUIPMENT
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EXCHANGE CONTROLS
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EXCHANGE RATES
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EXPENDITURE
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EXPENDITURES
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EXPORT PERFORMANCE
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EXPORT SHARE
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EXPORTERS
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EXPORTS
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FEMALE LABOR
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FEMALE LABOR FORCE
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FINANCIAL MANAGEMENT
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FINANCIAL MARKETS
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FINANCIAL SECTOR
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FINANCIAL STATEMENTS
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FISCAL DEFICITS
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FISCAL DISCIPLINE
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FISCAL POLICIES
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FISCAL POLICY
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FIXED CAPITAL
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FIXED INVESTMENT
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FOREIGN DIRECT INVESTMENT
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FOREIGN INVESTMENT
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FREE TRADE
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GDP
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GDP PER CAPITA
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GINI COEFFICIENT
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GOVERNMENT GUARANTEES
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GOVERNMENT POLICIES
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GOVERNMENT REVENUE
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GOVERNMENT REVENUES
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GOVERNMENT SPENDING
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GROSS DOMESTIC PRODUCT
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GROSS FIXED CAPITAL FORMATION
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GROSS VALUE
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GROWTH POTENTIAL
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GROWTH RATE
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HUMAN CAPITAL
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HUMAN RESOURCES
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INCOME
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INCOME DISTRIBUTION
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INCOME TAX
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INCOME TAXES
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INFLATION
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INNOVATION
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INTELLECTUAL PROPERTY
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INTEREST RATES
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INTERNATIONAL MARKET
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INVESTING
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INVESTMENT ALLOCATION
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INVESTMENT CLIMATE
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INVESTMENT RATES
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LABOR FORCE
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LABOR FORCE PARTICIPATION
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LABOR MARKET
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LABOR MARKET INDICATORS
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LABOR MARKETS
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LABOR PRODUCTIVITY
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LABOUR
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LABOUR FORCE
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LACK OF TRANSPARENCY
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LEGAL SYSTEM
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LEGITIMACY
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LIBERALIZATION OF TRADE
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LIVING CONDITIONS
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LOCAL ECONOMY
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MANPOWER
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MARKET ECONOMY
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MARKET SHARE
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MATHEMATICS
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MINIMUM WAGE
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MOTIVATION
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NATIONAL SAVING
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NATURAL DISASTERS
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NOMINAL INCOME
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OCCUPATIONS
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ORGANIZATIONAL STRUCTURES
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PERVERSE INCENTIVES
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POLITICAL ECONOMY
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POLITICAL STABILITY
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POTENTIAL INVESTORS
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PRIVATE FINANCING
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PRIVATE INVESTMENT
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PRIVATE SECTOR
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PRODUCTIVE INVESTMENT
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PRODUCTIVITY GROWTH
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PUBLIC DEBT
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PUBLIC FINANCES
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PUBLIC INVESTMENT
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PUBLIC SECTOR
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PUBLIC SPENDING
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RATE OF RETURN
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RATES OF RETURN
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REAL GDP
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REAL INTEREST
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REAL INTEREST RATES
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REAL WAGES
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REMITTANCES
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RENT-SEEKING BEHAVIOR
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REPUBLIC
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RETIREMENT
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RETURNS
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RISK AVERSE
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RULE OF LAW
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SAFETY
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SCIENTIFIC RESEARCH
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SKILLED LABOR
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STATE INTERVENTION
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TAX
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TAX EXEMPTIONS
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TAX INCENTIVES
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TAX POLICIES
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TAX POLICY
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TAX RATE
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TAX RATES
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TAX REGIME
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TAX REVENUE
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TELECOMMUNICATIONS
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TOTAL FACTOR PRODUCTIVITY
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TRADE UNIONS
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UNEMPLOYMENT
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UNEMPLOYMENT RATE
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UNEMPLOYMENT RATES
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UNSKILLED WORKERS
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VALUE ADDED
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WAGE DISTRIBUTION
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WORLD TRADE ORGANIZATION
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WTO
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dc.title
Jamaica - Country Economic Memorandum : Unlocking Growth
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okr.identifier.externaldocumentum
000386194_20110608003811
en_US
okr.identifier.internaldocumentum
14310141
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okr.volume
1 of 1
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okr.date.disclosure
2011-06-06
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okr.topic
Social Protections and Labor :: Labor Policies
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okr.topic
Finance and Financial Sector Development :: Debt Markets
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okr.topic
Macroeconomics and Economic Growth :: Economic Theory & Research
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okr.topic
Macroeconomics and Economic Growth :: Political Economy
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okr.topic
Environment :: Environmental Economics & Policies
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okr.region.administrative
Latin America & Caribbean
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okr.region.geographical
Caribbean
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okr.region.geographical
America
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okr.identifier.report
60374
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okr.unit
Economic Policy Sector (LCSPE)
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okr.region.country
Jamaica
en_US
okr.doctype
Economic & Sector Work :: Country Economic Memorandum
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dc.rights.holder
World Bank
en_US
okr.googlescholar.linkpresent
yes

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