After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
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WASHINGTON, March 3, 2015- The World Bank Board of Directors approved today a US$ 75 million Development Policy Loan with Jamaica which aims to strengthen support for reforms aimed at improving the investment... Show More + climate and competitiveness, and public financial management.The reforms adopted by the government have started restoring confidence in the Jamaican economy: Jamaica jumped 27 places to 58 among 189 economies worldwide in the 2015 Doing Business indicator and the Government has started discussions with investors on a number of large infrastructure projects including the Logistic Hub Initiative. The World Bank is working with the Government to lay the foundation for economic growth.This financing builds on the reforms supported under a previous Development Policy Loan to Jamaica and is part of a large package of financial support from the International Monetary Fund (IMF), the World Bank and the Inter-American Development Bank (IDB) of about US$ 2 billion over four years, which inc Show Less -
WASHINGTON, December 12, 2013- The World Bank Board of Directors approved today a $130 million Development Policy Loan with Jamaica which aims to promote economic stability, debt sustainability and improve... Show More + competitiveness in Jamaica.The global financial crisis exposed the fragility of the growth model in some Caribbean countries. Jamaica's progress on poverty and shared prosperity has been seriously undermined due in large part to economic shocks that are amplified by structural weaknesses in the economy. The main results to be achieved are:An improved investment climate and competitiveness, facilitating higher and more productive private sector investment. Sound Public Financial Management through a pension reform, a more transparent tax regime and better planning and monitoring of all public investments.“For over three decades, Jamaica’s economy has faced serious challenges to achieve sustained levels of economic growth. This has resulted in a conti Show Less -