The Jamaican economy

A Caribbean success story at last?

Authored by: Keith Collister , Robert E. Looney

Handbook of Caribbean Economies

Print publication date:  November  2020
Online publication date:  November  2020

Print ISBN: 9780367210489
eBook ISBN: 9780429265105
Adobe ISBN:

10.4324/9780429265105-28

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Abstract

In November 2019, after years of stagnant growth and failed International Monetary Fund programmes, going back to the 1970s, Jamaica was able to complete two consecutive programmes in spectacular fashion. The factors leading up to this reversal of fortune mostly involved creative home-grown solutions to offset the harsh effects of austerity. Still, much more needs to be done. There has been little progress in critical areas of governance, while the economy, unable to develop a vibrant manufacturing base, has become over-dependent on tourism. Furthermore, the government has limited scope in its fiscal and monetary programmes to buffer the economy from external shocks such as the pending global recession.

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