Doing Business

Doing Business

By Unknown
US$ 9.99
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Book Description

In recent years, Jamaica has made steady progress in reducing its debt-to-GDP ratio even as growth continues to be inhibited by high crime and corruption, and bureaucracy. As a small island developing state, the country is susceptible to natural disasters and vulnerable to external shocks. And yet, in 2018, established international ratings agencies revised the country’s economic outlook from stable to positive; and the Jamaican economy ranked 5th in the world for starting a business. Why then is Jamaica positioned only at 70 in the World Bank’s annual Doing Business report (DBR); an improvement from its rank at No. 76 in 2017, although, not a recovery to its ranking of No. 65 in 2016?

The authors of Doing Business in Jamaica: A Qualitative Perspective posit that the influential DBR – a critical decision-making tool for foreign firms contemplating and reviewing investment in a country – is flawed in its purely quantitative approach. The complex and diverse realities of a developing country such as Jamaica cannot be adequately reflected in a single approach. Instead, analysing the responses of 75 business owners, operators, and managers in Jamaica including business process outsourcing (BPO) firms, business trade firms, management consultancy firms, financial consultancy firms, merchandise-retail companies as well as various small and medium-sized businesses from a wide cross section of industries, they offer a more holistic picture and comprehensive understanding of Jamaica’s economic environment.

Using the same units of analysis as the DBR: starting a business, dealing with construction permits, getting electricity, registering property, obtaining credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency; the results and conclusions of Doing Business in Jamaica illustrate that a one-size-fits-all approach can lead to a misinterpretation of a country’s economic environment and an unfairly low ranking.

Easy to read and accessible to the investor, politician, policymaker, student, and scholar alike, Doing Business in Jamaica provides an alternative to understanding the realities of doing business in Jamaica.

Table of Contents
  • Contents
  • List of Figures
  • List of Tables
  • Preface
  • Acknowledgements
  • Abbreviations
  • Introduction
  • 1. Foreign Direct Investment and Development – Evidence from Asia, Africa, Latin America, and the Caribbean
  • 2. Foreign Direct Investment and Jamaica
  • 3. The Doing Business Report (DBR)
  • 4. Doing Business in Jamaica
    • Figure 4.1: Trading Economics Doing Business Rank of Jamaica from 2008–16
    • Table 4.1: Jamaica’s DBI Ranking for 2016, 2017, and 2018
    • Table 4.2: Jamaica’s 2018 DBI Indicators (by Variables) Comparative to the Latin American and Caribbean and OECD High-income Countries
  • 5. Investors’ Favourability in Doing Business in Jamaica
    • Figure 5.1: Countries/Regions Where Local Businesses Operate Otherwise or Where Local Business Owners Own or Operate Other Businesses
    • Figure 5.2: Characteristics of Jamaican Employees
    • Figure 5.3: Participants’ Experiences with Employing Workers in Jamaica
  • 6. Doing Business in Jamaica: The Starting a Business Environment
    • Figure 6.1: DBR’s Ranking of Jamaica Regarding Starting a Business
    • Figure 6.2: Experiences in Starting a Business in Jamaica
    • Figure 6.3: Dealing with Construction Permits – DBR Rank of Jamaica
    • Table 6.1: Details – Dealing with Construction Permits in Jamaica – Procedure, Time, and Cost
    • Table 6.2: Details – Registering Property in Jamaica – Procedure, Time, and Cost
    • Figure 6.4: Acquiring Electricity – DBR Rank of Jamaica
    • Figure 6.5: Experience with Acquiring Electricity
    • Figure 6.6: Acquiring Electricity – DBR Rank of Jamaica
    • Figure 6.7: Participants’ Experiences with Registering or Transferring Property
  • 7. Doing Business in Jamaica: Taxation, Regulation, and Trading Issues
    • Figure 7.1: Paying Taxes – DBR Rank of Jamaica
    • Figure 7.2: Participants’ Experiences Paying Taxes in Jamaica
    • Figure 7.3: Enforcing Contract and Resolving Business-related Issues – DBR Rank of Jamaica
    • Figure 7.4: Participants’ Experiences with Enforcing Contracts
    • Figure 7.5: Participants’ Experiences with Resolving Business-related Disputes
    • Figure 7.6: Resolving Insolvency – DBR Rank of Jamaica
    • Figure 7.7: Participants’ Experiences with Insolvency
    • Figure 7.8: Trading Across Borders – DBR Rank of Jamaica
    • Figure 7.9: Participants’ Experiences with Trading Overseas
  • Conclusion
    • Figure 8.1: Participants’ Experiences with Trade Unions
    • Figure 8.2: Participants’ Access to Raw Material
    • Figure 8.3: Participants’ Perception of Corruption
  • References
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