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Brookings Podcast on Economic Activity
How did Jamaica halve its debt in 10 years?
Apr 11, 2024
Economics professors Peter Blair Henry and Barry Eichengreen, along with Brookings Senior Fellow Gian Maria Milesi-Ferretti, discuss how Jamaica halved its debt in 10 years by running budget surpluses, ensuring political stability, and strong fiscal discipline. They highlight the role of consensus-building, stakeholder engagement, and unconventional debt reduction strategies, emphasizing the importance of leadership and historical context in sustaining economic policies.
29:10
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Quick takeaways
- Jamaica halved its debt-to-GDP ratio in 5 years, a rare accomplishment globally.
- Consensus building, stakeholder engagement, and leadership were key to Jamaica's debt reduction success.
Deep dives
Jamaica's Remarkable Debt Reduction Success
Jamaica achieved a significant debt reduction from 144% to 72% of GDP over 10 years, a rare success story in the realm of fiscal policy. The country's success was attributed to consensus building across political parties and involvement of various social partners in the policymaking process. Jamaica managed to reduce debt without substantial economic growth, emphasizing the importance of political stability and fiscal discipline.
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