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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In fact, the report states, that if the region were to take this opportunity to enshrine income equity into the political agenda, not only would standards of living be raised, but it would also further... Show More + spur growth.“Equity-oriented policies can enhance a region’s capacity to grow in a sustained manner. Enabling people who are currently marginalized to improve their living conditions will unleash their inherent economic potential, increasing overall productivity and thus spurring growth.”For this upward trajectory to be achieved, the report puts forward four key policies:Maintaining an equitable, efficient and sustainable fiscal policy that fosters shared prosperity.Strengthening fair, transparent institutions that deliver quality public goods and services.Enabling an environment of well-functioning markets that are accessible for all economic levels of society.Improving risk management at both the macro- and household levels.ChallengesAround 80 million people in the region still live in Show Less -
The World Bank and the Inter-American Development Bank (IDB) recognize the decision by the management of the International Monetary Fund (IMF) to present to its Board its proposal for a new Extended Fund... Show More + Facility with Jamaica. This is an important reflection of that institution's confidence in Jamaica's macroeconomic stabilization program.Jamaica has taken the bold decision to tackle the structural impediments to growth that have hindered its development for decades.Pending approval by their respective Boards of Directors, the World Bank and the IDB have each preliminarily allocated US$510 million in financing over the next four years. This supplements the support provided by the IMF. The World Bank has recently started a series of consultations with Jamaican authorities on a new Country Partnership Strategy (CPS) which will be launched later this year. The new CPS will be designed to support the country as it looks to increase economic growth, create jobs and fight poverty. Since Show Less -