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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Why is it important to introduce a culture of insurance?CCRIF is designed to offer insurance at affordable rates and is supported by the Global Facility for Disaster Reduction and Recovery (GFDRR). Because... Show More + of its large membership, it has been able to diversify its portfolio and purchase insurance coverage at more favorable terms, resulting in an average of 50 percent savings, in comparison to countries who bought insurance individually from international markets.This first meeting looked at the benefits of expanding the facility to a larger pool of countries, which would not only provide savings on the operating costs, but also significantly reduce the premiums to existing members.Hasan Tuluy, World Bank Vice President for Latin America and the Caribbean who was chairing the meeting, highlighted that the CCRIF is a true example of both a regional public good where collective action has clear financial benefits as well as a private-public partnership that can help countries address the Show Less -
WASHINGTON DC, October 9, 2012 – As the Sendai dialogues get into full swing, Latin America and the Caribbean, and the world for that matter, is slowly realizing that the “best” natural disaster is the... Show More + one that doesn't happen. In a cruel twist, natural disasters could do to Latin America what the global crisis couldn't: drag down development and threaten many of the region’s social and economic gains. With an expected price tag of over US$2 billion annually –equivalent to one third of Nicaragua’s GDP- natural disasters are becoming costly propositions for a region that has, so far, boasted the world’s fastest growth in jobs and economic opportunities. Partly because Latin America naturally sits on a territory prone to hazards, but also because, as yet, not enough preventative measures have been embraced, nine of the world’s top 20 countries most exposed to disaster-led economic impacts are in the region. At the same time, the region’s decision makers are increasingly trying to nip disa Show Less -