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By Policy World Bank World Bank Group

This document makes an attempt to provide an explanation for the paradoxes and power of Jamaica's financial background, and concludes that one attainable cause of Jamaica's low progress in GDP is that its GDP has been understated. The document proposes an method of reforms for sustained progress, arguing that an method in accordance with social discussion and consensus construction is vital to create possession for destiny reforms between all stakeholders.

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The Road to Sustained Growth in Jamaica

This record makes an attempt to give an explanation for the paradoxes and power of Jamaica's monetary historical past, and concludes that one attainable cause of Jamaica's low development in GDP is that its GDP has been understated. The document proposes an method of reforms for sustained development, arguing that an procedure in line with social discussion and consensus construction is key to create possession for destiny reforms between all stakeholders.

Extra resources for The Road to Sustained Growth in Jamaica

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In addition to issues of prudent management of expenditures, management of direct and contingent liabilities are also important. Since the central government is ultimately responsible for the debt or other liabilities of non-central government accounts such as public enterprises, this increases the difficulty of managing the fiscal balance, especially since the GOJ budget includes only half of these accounts. Also, realized contingent liabilities have in the past created budgetary problems, including large debt write-offs.

However, since banks are often loathe to share information about their clients, credit registries often have to be started by Government legislation. ■ Improve collateral execution, perhaps by creating special courts for debt disputes and bankruptcy. Surveys show dissatisfaction with the courts’ performance on commercial issues. From a short run standpoint, the solvency of Jamaica’s financial system has become much more dependent on the public sector’s solvency, and less on the private sector’s servicing of its debt.

In tertiary education, 91 percent of students were from the top two quintiles. Also, school attendance is far more irregular for poor students—in 2001, only 60 percent of the poor students had full attendance, compared with 87 in the richest quintile. Poorer students also live in homes with a greater chance of not having a father figure. For boys, the absence of a male role model contributes to lower achievement, lower educational aspirations, absenteeism, and the risks of dropout and delinquent behavior.

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