Labour Market Forum 2010 - Planning Institute of Jamaica
Labour Market Forum 2010 - Planning Institute of Jamaica
Labour Market Forum 2010 - Planning Institute of Jamaica
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Falling aggregate demand (US & Europe) on tourism<br />
Subsequently “riding out the storm” by sustaining fiscal<br />
expenditure using reserves<br />
The crisis affected various countries differently:<br />
Tourism and Natural resource based economies<br />
Reserves<br />
As the crisis persisted, reserves came under pressure<br />
Borrowing and self-imposed austerity<br />
Conditional lending from IMF/World Bank<br />
The regional employment situation<br />
Employment growth and employment intensity <strong>of</strong> GDP<br />
growth had already slowed down since 2007 and<br />
unemployment increased<br />
IMF expects recovery in the region in 2011 however in a<br />
post-crisis global economy the region will face:<br />
An emerging, new global economy<br />
Lower investment levels and capital transfers<br />
A challenge to its tourism market share: arrivals have<br />
recovered but <strong>of</strong>ten at reduced prices/lower income<br />
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