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Productive Development Policies in Jamaica

Author

Listed:
  • Monica Panadeiros
  • Warren Benfield

Abstract

Jamaica 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.

Suggested Citation

  • Monica Panadeiros & Warren Benfield, 2010. "Productive Development Policies in Jamaica," Research Department Publications 4656, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4656
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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=IDB-WP-128&pub_file_name=pubIDB-WP-128.pdf
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    Citations

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    Cited by:

    1. World Bank, 2011. "Jamaica - Country Economic Memorandum : Unlocking Growth," World Bank Publications - Reports 2756, The World Bank Group.

    More about this item

    Keywords

    Productivity; Industrial policy; Foreign direct Investment; Jamaica;
    All these keywords.

    JEL classification:

    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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