The public debt in Jamaica has been extremely high for more than a decade. Discuss how...
The public debt in Jamaica has been extremely high for more than a decade. Discuss how Jamaica's extremely high public debt impacted its economy and measures taken to reduce its debt ratio.
Homework Answers
A severe banking crises in jamaica in 1990s coupled with failure of several state owned enterprises plunged jamaica into a debt spiral. the situation worsened over the years and by 2013 jamaica debt had reached approximately 147% of GDP which made jamaica one of the most indebted country in the world. waning public trust was replaced with anger. the economy was crippling from debt.
an EPOC- economic programme oversight committee was formed a first in the world. reallocation of spending was introduced.reforms of tax were taken place across the financial and public sector. debt fell to 96% of its GDP by march 2019.
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