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The Road to Sustained Growth in Jamaica

  • World Bank
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    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.

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    This book is provided by The World Bank in its series World Bank Publications with number 15014 and published in 2004-04.
    ISBN: 0-8213-5826-X
    Handle: RePEc:wbk:wbpubs:15014
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    1. Choudhri, Ehsan U. & Hakura, Dalia S., 2006. "Exchange rate pass-through to domestic prices: Does the inflationary environment matter?," Journal of International Money and Finance, Elsevier, vol. 25(4), pages 614-639, June.
    2. McCarthy, F. Desmond, 2001. "Social policy and macroeconomics : the Irish experience," Policy Research Working Paper Series 2736, The World Bank.
    3. Ana María Cerro & Osvaldo Meloni, 2005. "Determinants of the Crime Rate in Argentina during the 90's," Law and Economics 0504001, EconWPA.
    4. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, vol. 12(2), pages 111-134.
    5. William Carrington & Enrica Detragiache, 1998. "How Big is the Brain Drain?," IMF Working Papers 98/102, International Monetary Fund.
    6. Alan Krueger & Mikael Lindahl, 2000. "Education for Growth: Why and For Whom?," Working Papers 808, Princeton University, Department of Economics, Industrial Relations Section..
    7. Brixi, Hana Polackova & Ghanem, Hafez & Islam, Roumeen, 1999. "Fiscal adjustment and contingent government liabilities : case studies of the Czech Republic and Macedonia," Policy Research Working Paper Series 2177, The World Bank.
    8. George Shultz & Chairman, 1998. "General discussion : monetary policy and the well-being of the poor," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 211-219.
    9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    10. Christina D. Romer & David H. Romer, 1998. "Monetary policy and the well-being of the poor," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 159-201.
    11. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    12. Ezemenari, Kene & Subbarao, Kalanidhi, 1999. "Jamaica's food stamp program - impacts on poverty and welfare," Policy Research Working Paper Series 2207, The World Bank.
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