A new study conducted by the Inter-American Development Bank has confirmed that crime is a significant constraint to economic growth and social development in Latin America and the Caribbean.
The study indicated that the direct cost of crime in the region amounted to 3.44% of GDP in 2022.
IDB President Ilan Goldfajn says the study indicated that crime limits growth and drives income inequality. It also diverts public and private investments into crime fighting rather than into human capital and physical infrastructure development.
In Jamaica, the cost of crime amounts to about 5% of GDP or $164.45 billion based on this year’s nominal GDP, originally programmed at $3.289 trillion.
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Publish date : 2024-11-11 12:02:00
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