Economic Reforms in Jamaica

Abstract

Abstract This paper briefly discusses the economic reforms that have taken place in Jamaica for the past 15 years and argues that the reforms, at least so far, are mixed, particularly with regard to the elimination of poverty. The basic problems are (1) a slow response of exports to large, frequent adjustments in the exchange rate, which prohibits low-wage labor, in the informal sector, from being absorbed into the formal sector; and (2) the large budget deficit, with the associated demands for large cuts in expenditures, which primarily affects the rural poor. It is suggested that the principal reason that reforms have been slow is because of the political price to be paid for unpopular measures in a competitive democracy

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