As per worldbank.org:
JAMAICA
Like its neighbors across the Caribbean, Jamaica is vulnerable to natural disasters including hurricanes, flooding and the effects of climate change. It is an upper middle income country but struggles with low growth, high public debt and many external shocks which weaken its economy. Over the last 30 years, real per capita GDP increased at an average of just one percent per year, making Jamaica one of the slowest growing developing countries in the world. By 2012 Jamaica had accumulated debt equal to 145 percent of GDP.
To stabilize the economy, reduce debt and fuel growth, the Government is implementing an ambitious reform program which has garnered national and international support. As part of a comprehensive package, the World Bank and the Inter-American Development Bank each agreed to provide US$510 million between April 2013 and March 2017, while the International Monetary Fund (IMF) committed a US$932 million funding program through its Extended Fund Facility (EFF) covering the same four-year period. At the end of 2016, the IMF approved a three-year US$1.64 billion program under the Stand-By
Arrangement as a follow-up to the now concluded EFF. In addition, the International Finance Corporation (IFC) continues to support private sector development in Jamaica.
The institutional reforms and efforts to improve the investment climate starting to bear fruit. The country’s credit rating has improved and Jamaican bonds trade at a premium in international markets. Total government debt fell to 121 percent of GDP by the end of 2016.
Jamaica’s GDP rose by 1.4 percent in 2016 and similar growth is expected in 2017. That follows three years of steady growth. According to the Statistical Institute of Jamaica (STATIN), poverty fell to 20 percent in 2014 from 25 percent in 2013, but it still remains higher than pre-2009 levels.
Despite the progress, faster economic growth is needed to eliminate poverty and boost shared prosperity. Crime and violence levels remain high. Youth unemployment is a persistent problem. Unemployment in April 2017 was about 12.2 percent, while 26.2 percent of those between 20 and 24 years of age were unemployed, according to STATIN.
Last Updated: Sep 29, 2017
RD
The Dominican Republic has enjoyed strong economic growth in recent years and a significant reduction in poverty, although the country remains vulnerable to natural disasters such as hurricanes and earthquakes.
The Dominican Republic’s economic growth has been one of the strongest in the LAC region over the past 25 years. In the first quarter of 2017, the economy expanded by 5.2 percent, following yearly average growth of 7.1 percent between 2014-16. This contrasted sharply with that of the average 1.4 percent contraction for the LAC region in 2016.
The share of Dominicans living in poverty (about 152 Dominican pesos a day) fell sharply from 42.2 percent in 2012 to 30.5 percent in 2016, according to official estimates. Yet, social spending in the DR remains low compared to the rest of the region. On average, total health spending in the DR increased from roughly 2.2% of GDP in 2000 to 2.9% in 2014, compared to the regional average of 3.7%. However, the Government remains committed to allocate every year 4% of GDP to the education sector.
According to the World Bank Group’s Doing Business 2017, the Dominican Republic made getting an electricity connection faster and paying taxes less costly. However, despite improvements in doing business, further reforms are needed to improve the country’s competitiveness.
Better water and electricity services are also needed to support growth in tourism, agriculture and manufacturing. While debt levels continue to rise, debt trajectory remains sustainable and progress has been made in recent years, including in diversifying financing sources.
Last Updated: Sep 29, 2017
JAMAICA
Like its neighbors across the Caribbean, Jamaica is vulnerable to natural disasters including hurricanes, flooding and the effects of climate change. It is an upper middle income country but struggles with low growth, high public debt and many external shocks which weaken its economy. Over the last 30 years, real per capita GDP increased at an average of just one percent per year, making Jamaica one of the slowest growing developing countries in the world. By 2012 Jamaica had accumulated debt equal to 145 percent of GDP.
To stabilize the economy, reduce debt and fuel growth, the Government is implementing an ambitious reform program which has garnered national and international support. As part of a comprehensive package, the World Bank and the Inter-American Development Bank each agreed to provide US$510 million between April 2013 and March 2017, while the International Monetary Fund (IMF) committed a US$932 million funding program through its Extended Fund Facility (EFF) covering the same four-year period. At the end of 2016, the IMF approved a three-year US$1.64 billion program under the Stand-By
Arrangement as a follow-up to the now concluded EFF. In addition, the International Finance Corporation (IFC) continues to support private sector development in Jamaica.
The institutional reforms and efforts to improve the investment climate starting to bear fruit. The country’s credit rating has improved and Jamaican bonds trade at a premium in international markets. Total government debt fell to 121 percent of GDP by the end of 2016.
Jamaica’s GDP rose by 1.4 percent in 2016 and similar growth is expected in 2017. That follows three years of steady growth. According to the Statistical Institute of Jamaica (STATIN), poverty fell to 20 percent in 2014 from 25 percent in 2013, but it still remains higher than pre-2009 levels.
Despite the progress, faster economic growth is needed to eliminate poverty and boost shared prosperity. Crime and violence levels remain high. Youth unemployment is a persistent problem. Unemployment in April 2017 was about 12.2 percent, while 26.2 percent of those between 20 and 24 years of age were unemployed, according to STATIN.
Last Updated: Sep 29, 2017
RD
The Dominican Republic has enjoyed strong economic growth in recent years and a significant reduction in poverty, although the country remains vulnerable to natural disasters such as hurricanes and earthquakes.
The Dominican Republic’s economic growth has been one of the strongest in the LAC region over the past 25 years. In the first quarter of 2017, the economy expanded by 5.2 percent, following yearly average growth of 7.1 percent between 2014-16. This contrasted sharply with that of the average 1.4 percent contraction for the LAC region in 2016.
The share of Dominicans living in poverty (about 152 Dominican pesos a day) fell sharply from 42.2 percent in 2012 to 30.5 percent in 2016, according to official estimates. Yet, social spending in the DR remains low compared to the rest of the region. On average, total health spending in the DR increased from roughly 2.2% of GDP in 2000 to 2.9% in 2014, compared to the regional average of 3.7%. However, the Government remains committed to allocate every year 4% of GDP to the education sector.
According to the World Bank Group’s Doing Business 2017, the Dominican Republic made getting an electricity connection faster and paying taxes less costly. However, despite improvements in doing business, further reforms are needed to improve the country’s competitiveness.
Better water and electricity services are also needed to support growth in tourism, agriculture and manufacturing. While debt levels continue to rise, debt trajectory remains sustainable and progress has been made in recent years, including in diversifying financing sources.
Last Updated: Sep 29, 2017
