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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The strategy lays the foundation for growth and shared prosperityKINGSTON, Jamaica, April 29, 2014 – The World Bank Group’s Board of Executive Directors endorsed today the new Country Partnership Strategy... Show More + (CPS) for Jamaica for 2014-2017. It focuses on creating the conditions for growth and prosperity for all Jamaicans.The strategy proposes a lending program of $510 million over the next four years, which is part of a comprehensive and ambitious package of reforms led by the Government of Jamaica with the support of the international community including the International Monetary Fund’s (IMF) Extended Fund Facility and the Inter-American Development Bank’s (IDB) program.As the Government is discussing the budget, Minister of Finance, Dr. Peter Phillips said, “We must grow our way out of the very precarious position we find ourselves in. The first requirement of the growth agenda is commitment to the current economic reforms. This agreement signifies our intention to stay the course, buo Show Less -
Exchange rate acts as shock absorber and economic booster In spite of 2.5 % expected growth, pessimism over LAC’s future unwarranted Small countries with less flexible currencies need to find fiscal... Show More + buffersWASHINGTON, OCTOBER 9, 2013 – For the first time, currencies in Latin America and the Caribbean (LAC) are absorbing some of the shocks derived from a less friendly global environment, according to the latest report by the World Bank Chief Economist Office for Latin America and the Caribbean, Latin America’s Deceleration and the Exchange Rate Buffer. Depreciated currencies not only lower the cost of exports but also raise the cost of imports, making the export and local industries more competitive and boosting job creation. LAC, together with other emerging markets, is entering a new phase of lower growth dynamics, as the tailwinds that blew so favorably in its direction in the recent past continue to recede. Growth rates in middle-income countries in Eastern Europe, East A Show Less -
• Region to grow at 3.0 percent in 2012, in line with sharp global growth decline • Reduced earnings inequality, low unemployment and more stable real wages, key features in LAC’s new faceWASHINGTON,... Show More + Oct. 3, 2012 – This year, the Latin America and the Caribbean region (LAC) will be growing at 3.0 percent, more in line with global trends. But even with Gross Domestic Product (GDP) beginning to slow, the region’s unemployment rate stood at 6.5 percent last year, approaching historic lows and well below its peak of 11 percent a decade ago, according to the latest semiannual report “The Labor Market Story Behind Latin America’s Transformation," by the World Bank’s Office of the Chief Economist for the region.The report complements, at the regional level, the recently launched World Bank’s World Development Report on Jobs and Development.Current consensus forecasts envisage that Latin America’s GDP will grow at 3.8 to 4 percent in 2013, after having expanded 6 percent i Show Less -