Related Unit Objectives Knowledge: 1. Evaluate trends in development by explaining and analysing traditional and new development indicators. 2. Explain the relevance of the theories of Caribbean...

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Assessment Item # 4: Research Project
Strategic Plan for the period 2022 – 2025 for
Table of Contents
1.Background/Introduction    3
a.Economic framework    3
Human Capital Resilience    4
Resilience in the Fiscal and Financial Sectors    4
Resilience of Physical and Infrastructural Systems    5
Resilience of the Environment and Natural Resources    5
. Jamaica economic framework    5
c.The impact of globalization on the economic development of the Jamica over the past 5 years    6
d. The impact of climate change on the sustainable development of the Jamica over the past 5 years    8
2.The Strategy:    9
a. Development of the policy initiatives which are being proposed to facilitate sustainable economic development    9
. Analysing how the policy initiatives will deliver on the objectives of the Sustainable Development Goals    11
c.Government of Jamaica/ Adaptation Fund Program    12
d. Governance framework – identifying the critical elements of good governance which will be critical to the success of your strategy.    13
e. The potential impact of the COVID-19 Pandemic will have on the implementation of the strategy.    14
3. Conclusion    15
1.Background/Introduction
a.Economic framework
The Cari
ean is a diverse region with substantial economic development and growth potential. GNP per capita ranges from around $800 to more than $30,000, however most countries rely heavily on tourism, while others rely heavily on commodity exports. ("The World Bank in the Cari
ean", 2021). Because of its gorgeous te
ain and various cultures, the country is one of the world's most popular tourist destinations. The "blue economy," or the sustainable use of marine resources, offers the opportunity for socioeconomic development while preserving the region's environment, as well as the continued expansion of other businesses with potential growth. Prior to the commencement of the COVID-19 epidemic, many emerging economies notably those reliant on tourism, were seeing positive growth rates. It has suffered greatly as a result of the tourism freeze. The Cari
ean GDP is expected to decrease by 8.6 percent in 2020, and by 12.6 percent without Guyana ("The World Bank in the Cari
ean", 2021).Many employments are impacted, and a cu
ent high intensity telephone survey in one of the Cari
ean's tiny nations reveals that impoverished headcounts are growing; however the extent and length of this rise may depend on the level of economic recovery. The course of the epidemic and immunization efforts will also have a significant influence on the velocity and extent of recovery.
Building economic and monetary resilience, as well as engaging in adaptation whether physically, wellbeing, or social protection nets are crucial to lowering the high economic and human costs of climate change. It also intends to create new sources of economic development and high-wage jobs by investing in education and mitigation, enhancing the investment climate and interconnectivity, and preserving the environment.
The World Bank's (WB) portfolio in the Cari
ean (excluding the Dominican Republic) included US$2.6 billion in IBRD, IDA, and trust fund funding for 72 projects as of April 2021. The WB runs the Dutch-funded rehabilitation and resilience trust fund for Sint Maarten. It collaborated with Cari
ean countries to generate swift finance for crisis response in social protection, food security, and health, utilizing a range of financial vehicles. The following phase of assistance focuses on green, inclusive, and resilient recovery measures, such as strengthening social welfare, reactivating business output, aiding small and medium sized businesses, climate change mitigation and adaptation, financial disaster protection, enhanced debt management, and managed to improve macro-fiscal sustainability.
Human Capital Resilience
The World Bank is assisting the Cari
ean in the development of human capital and the resilience of social protection systems, education, and health. It has indeed been collaborating with Cari
ean nations to increase their health systems readiness for epidemics and natural catastrophes, as well as to enhance the quality of teaching and medical services and the accessibility and targeting of social safety net programs.
In response to the COVID-19 epidemic, the Bank had given quick finance for the healthcare response. The worldwide COVID-19 Fast Track Facility, conditional funding mechanisms such as Cat DDOs, country's development financing, and redistribution of cu
ent project assets to offer rapid support are all sources of income.
Resilience in the Fiscal and Financial Sectors
It is supporting the countries through stronger macro-fiscal strategies, improved debt management, and better fiscal policy, to enhance their fiscal frameworks and develop buffers to mitigate the effect of shocks. Innovative catastrophe risk finance systems are assisting Cari
ean economies in becoming more fiscally resilient. The Cari
ean Catastrophe Risk Insurance Facility (CCRIF) is a parameterized insurance institution that provides emergency liquidity in the case of a catastrophe ("The World Bank in the Cari
ean", 2021).
Resilience of Physical and Infrastructural Systems
This is to ·increase readiness, especially through early warning systems and programs to reduce catastrophe susceptibility concerns. WB is promoting improved physical resilience through 'Build Back Better' concepts, which are critical for lowering the economic cost of catastrophes and ensuring that critical infrastructure and services can weather the next storm.
Resilience of the Environment and Natural Resources
WB is assisting in the pursuit of economic diversification through the sustainable use of ocean resources, the protection of marine regions, the reduction of marine pollution, and the repopulation of coral reefs. Sustainable agriculture methods are being supported in order to increase income for small and medium-sized enterprises while reducing deforestation and forest damage.
. Jamaica economic framework
Jamaica is the Cari
ean Sea's third biggest island. Kingston, the island's capital and primary commercial center, is positioned on the island's southeast coast. Kingston's natural ha
or is the world's sixth biggest. Montego Bay, the nation's second-largest city, is situated on the island's northwest coast and serves as the island's primary tourism hub.
The system of education in Jamaica is modelled on the British regime. The educational system includes a two pre-primary cycle, a six-year primary cycle, and a five-year secondary cycle. In some cases, pupils continue their secondary education for an extra two years.
Cari
ean Community and Common Market CARICOM is a regional common market established by the Chaguaramas Treaty in 1973 for the purpose of promoting the integration of member economies, coordinating foreign policies of independent member countries, and functional cooperation in the provision of services such as education and health and ca
iage between Member States. CARICOM cu
ently has 15 members, including 12 independent English-speaking locations in the Cari
ean, Suriname, Haiti and Montse
at. In addition, Cuba and the Dominican Republic, which are not members of CARICOM, have “observer status” for certain CARICOM bodies ("Government of Jamaica", 2021).
Its primary operations have been in the field of economic integration through the establishment of a Cari
ean Common Market. Partners have, however, developed common organizations in the fields of policy development and collaboration in the distribution of sectors such as health and education, as well as in labor problems, farming, infrastructure, telecommunications, tourism, and disaster preparedness. It has agreed to revise the Chaguaramas Treaty in order to form the CARICOM Single Market and Economy, or CSME. The CSME would enable free movement of commodities, capital, people, and services among member countries.
c.The impact of globalization on the economic development of the Jamica over the past 5 years
The influence of globalization on commerce has been reflected in growing liberalization and market-opening...