Productive Development Policies in Jamaica
AbstractJamaica seems to be a puzzling case for economic growth: despite the structural reforms implemented in the last three decades and adequate investment levels, real GDP per capita is roughly the same as in 1970. The disappointing performance of this economy suggests that productive development policies (PDPs), including first-generation reforms, have not been enough to create a better environment for productivity growth. This paper examines the PDPs in Jamaica and concludes that behind the paradox of high investment and low growth of this economy are the “public debt trap” and a highly distortive tax incentive structure to attract foreign direct investment (FDI) and promote exports. Although industrial policy is moving towards a more modern conceptual design, the old schemes seem politically difficult to dismantle.
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Bibliographic InfoPaper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4656.
Date of creation: Mar 2010
Date of revision:
Productivity; Industrial policy; Foreign direct Investment; Jamaica;
Find related papers by JEL classification:
- L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
- O25 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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- World Bank, 2011. "Jamaica - Country Economic Memorandum : Unlocking Growth," World Bank Other Operational Studies 2756, The World Bank.
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