Sustained Debt Reduction: The Jamaica Exception

Introduction: Sharp, sustained reductions in public debt are exceptional, especially recently. We know this because public-debt-to-GDP ratios have been trending up in advanced countries, emerging markets, and developing countries alike. Governments have borrowed in response to financial crises, pandemics, wars and other emergencies, resulting in higher debt ratios. But only in rare instances have they succeeded in bringing those higher debt ratios back down once the emergency passed. 

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