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Stable macroeconomy but growth continues to underperform. After nearly six years of economic reforms, unemployment is at an almost 11-year low, poverty is at a 9-year low, inflation is low, public debt is firmly on a downward trajectory, and international reserves are at historically high levels. Still, growth remains lackluster. Private investment has not fully taken advantage of the unprecedented opportunities presented by macroeconomic stability and strong fundamentals. Structural impediments need to be quickly addressed to foster capital formation. Sustained weak growth risks impeding reform momentum and could make achieving the government’s policy objectives more difficult.
This paper reviews economic developments in Jamaica since 1985. In the early 1990s, Jamaica carried out a number of important structural reforms that had a favorable effect on the public finances, resulting in overall public sector surpluses averaging 3 percent of GDP in FY1993–95. These steps included the elimination of general price subsidies and the decontrol of prices, the elimination of the import monopoly of the Jamaica Commodity Trading Corporation, and the institution of cost pass-through mechanisms for public enterprises.
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Includes over 100 specific financing mechanisms -- incorporating bilateral, international, regional, private, and country-specific sources -- designed to support domestic and foreign investment and trade in the Andean and Caribbean Basin regions. Includes the following information on financing sources: basic background, eligibility requirements, application procedures, and key contacts. Comprehensive!