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Jamaica - Country partnership strategy for the period FY2014-2017 (English)

For over two decades prior to the 2008 global economic slowdown, Jamaica's small, open island economy had been stuck in a cycle of low growth and high debt. The country's high level of public debt and associated high debt service obligations resulted in costly risk premiums crowded out and distorted private sector investment and left the country highly vulnerable to shifts in market sentiment. The poorest Jamaican households were disproportionately affected by the economic contraction. Government efforts to stabilize the economy in 2009-11 showed initially some positive results but were ultimately inadequate; the failure to address persistent fiscal and debt issues, coupled with the impact of Hurricane Sandy in October 2012, led to a crisis of confidence by early 2013. Recognizing that reversing Jamaica's trajectory requires wide-ranging and deep reforms, the Government of Jamaica (GoJ) has embarked on a comprehensive and ambitious program of fiscal adjustment and structural changes for which it has garnered national and international support. The overall aim of this country partnership strategy (CPS) for FY2014-17 is to support Jamaican efforts to help build the conditions for sustained and inclusive growth. The CPS program is concentrated in three strategic thematic areas: (i) public sector modernization; (ii) enabling environment for private sector growth; and (iii) social and climate resilience. To address capacity deficiencies, the World Bank Group (WBG) program will be accompanied by technical assistance in critical reform areas to build capacity and will include vulnerability management as a key area of engagement.


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    Country Assistance Strategy Document

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    Latin America & Caribbean,

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    Jamaica - Country partnership strategy for the period FY2014-2017

  • Keywords

    multilateral investment guarantee agency;fiscal consolidation;information and communication technology;Fiscal and Debt Sustainability;Analytical and Advisory Activities;small and medium size enterprise;natural disaster;sea level rise;public sector investment program;tax and customs administration;small and medium enterprise;decline in tax revenue;social and economic development;economic and financial analysis;Adaptation to Climate Change;Cost of Doing Business;Upper Middle Income Countries;Program of Fiscal Adjustment;inefficient public sector;risks from climate change;debt restructuring;financing need;public pension system;Private Sector Growth;investment climate;fiscal space;civil society;financial sector reform;debt service payment;current account deficit;global financial crisis;public administration institutions;international development partner;public debt;exogenous shock;financial information system;global economic slowdown;financial performance indicator;system Financial;private sector competitiveness;investments in energy;competitive industry structure;total public debt;Foreign Exchange Reserve;payments coming due;debt service ratio;Poverty & Inequality;investment climate reform;tax policy reform;discretionary tax policy;fiscal consolidation effort;production and export;per capita income;lack of opportunity;public sector performance;poor urban community;trade and investment;commodity price risk;agricultural production risk;interest rate movement;social and institutional;violent crime rate;strategic debt management;lack of investment;growth and development;lack of service;operation and management;climate change vulnerability;crime and violence;government's development priorities;risk assessment framework;official poverty rate;lack of competitiveness;perception of corruption;access to finance;average retail tariff;global economic crisis;determinants of poverty;public sector efficiency;commodity price fluctuation;poor growth performance;high poverty rate;violence against woman;gender based violence;public sector modernization;weights and measure;adaptation to change;political risk insurance;local capital market;Early Childhood Development;balance of payment;allocation of capital;trade policy framework;public sector operation;high debt ratio;public sector borrowing;private sector credit;poverty reduction effort;rural area;comparative advantage;Social Protection;



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Jamaica - Country partnership strategy for the period FY2014-2017 (English). Washington, D.C. : World Bank Group.