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COVID-19 and Efficiency in a New Global Economy

In: Overcoming Productivity Challenges in Small Countries

Author

Listed:
  • Andre Haughton

    (University of the West Indies)

  • Wendel Ivey

    (Bank of Jamaica)

Abstract

This chapter introduces productivity growth as an important factor to the sustainable development of a country’s economy. The chapter explores how some countries from Asia have been able to increase their productivity levels and are better able to reduce the likelihood of poverty and low standard of living relative to the countries from the Caribbean. Among these countries from the Caribbean and East Asian top 5, Jamaica has seen the lowest productivity growth over the past 70 years which is a cause for concern. This chapter explores Jamaica’s economic performance, comparing the impact of the COVID-19 pandemic and the Global Financial Crisis on the country’s main macroeconomic indicators. Finally, the chapter sheds light on the “new normal”, the more internet-based economy that is being established including the new digital technologies and their implications for a country’s productivity.

Suggested Citation

  • Andre Haughton & Wendel Ivey, 2023. "COVID-19 and Efficiency in a New Global Economy," Springer Books, in: Overcoming Productivity Challenges in Small Countries, chapter 0, pages 1-22, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-23301-2_1
    DOI: 10.1007/978-3-031-23301-2_1
    as

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