Economy of Jamaica
The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar, and bananas.Free trade zones have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms.], the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment.Before independence, Jamaica's economy was largely focused on agriculture with the vast majority of the labor force engaged in the production of sugar, bananas, and tobacco.[18] According to one study, 18th century Jamaica had the highest wealth inequality in the world, as a very small, slave-owning elite was extremely wealthy while the rest of the population lived on the edge of subsistence.[21] In addition, inflation has been trending upward since 2004 and is projected to once again reach a double digit rate of 12-13% through the year 2008 due to a combination of unfavorable weather damaging crops and increasing agricultural imports and high energy prices.To reverse this trajectory, the Government of Jamaica embarked on a comprehensive and ambitious program of reforms for which it has garnered national and international support: a four-year Extended Fund Facility (EFF) by the International Monetary Fund (IMF) providing a support package of US$932 million; World Bank Group and the Inter-American Development Bank (IDB) programs providing US$510 million each to facilitate the GoJ's economic reform agenda to stabilize the economy, reduce debt and create the conditions for growth and resilience..In addition, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) will continue to support private sector development.Jamaica jumped 27 places to 58 among 189 economies worldwide in the 2015 Doing Business ranking, the country's credit rating has improved and the Government has successfully raised more than US$2 billion in the international capital in the markets in 2014 and 2015..Despite some revival, economic growth is still low: the Jamaican Government is forecasting real gross domestic product (GDP) growth of 1.9 per cent for the fiscal year 2015/2016 and the country continues to be confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.Cocoa is grown throughout Jamaica and local sales absorb about 1/3 of the output to be made into instant drinks and confectionery.Coconuts are grown on the northern and eastern coasts, which provide enough copra to supply factories to make butterine, margarine, lard, edible oil and laundry soap.Rice is grown around swampy areas around the Black River & around Long Bay in Hanover and Westmoreland parishes for local consumption.Even so, the supply of dairy products is not enough for local requirements and there are large imports of powdered milk, butter and cheese.Jamaica produced 330,441 tons of gypsum in the year 2000,[32] some of which was used in the local cement industry and in the manufacturing of building materials.Other minerals present in Jamaica include marble, limestone, and silica, as well as ores of copper, lead, zinc, manganese and iron.The garment industry is a major job employer for thousands of hundreds of locals and they formed 12.9% of exports in 1999 earning US$159 million.Since the launch of the Jamaican Logistics Hub initiative,[33][34] various economic zones have been proposed throughout the country to assemble goods from other parts of the world for distribution to the Americas.Many of the most frequented tourist sites are located mainly by water such as rivers and beaches where fishermen make a living from seafood.As the largest English speaking territory in the Caribbean, Jamaica is the region's leading contact centre location with over 87 information communications technology/business process outsourcing (ICT/BPO) companies operating in the country employing 44,000 full-time agents.
Made in Jamaica (album)Jamaican dollarCARICOM
Developing/Emerging118th (nominal, 2019)133rd (PPP, 2019)97th (nominal, 2018)109th (PPP, 2018)Inflationpoverty lineGini coefficientHuman Development IndexAverage net salarytourismbauxitealuminafood processingcementchemical productstelecommunicationsUnited StatesNetherlandsCanadaColombiaTrinidad and TobagoCurrent accountexternal debtGovernment debtBudget balanceCredit ratingStandard & Poor'sMoody'sForeign reservesUS dollarsJamaicabananasFree trade zones have stimulated investmentInternational Monetary Fundhurricanespraedial larcenyparishbagasseBananaCoffeeBlue MountainsJamaican Blue Mountain CoffeeKingstonCitrus fruitBog WalkmarmaladeCoconutsmargarineVanillapimentogingertobaccopackaged foodcondensed milkpowdered milkbuttercheesefishing industryPedro CaysbarbelmahoganygypsummarblelimestonesilicacoppermanganesePetroleumoil refiningchemicalsplasticpaintspharmaceuticalscartonsleathercigarselectronicstextilesapparelVenezuelagasolineconstructionMontego BayOcho RiosPort AntonioNegrilGreen Grotto CavesDunn's River FallsRotterdamSingaporedebt-to-GDP ratioWorld BankCentral Intelligence AgencyHDRO (Human Development Report Office)United Nations Development ProgrammeWayback MachineCenter for Economic and Policy ResearcharticlesHistoryArawaksTaínosAtlantic slave tradeBritish conquestGovernorsPort RoyalPiracyMaroons1692 earthquakeFirst Maroon WarTacky's WarSecond Maroon WarBaptist WarMorant Bay rebellion1907 earthquakeBritish West IndiesWest Indies FederationJamaica Independence Act 1962Hurricane CharleyHurricane IvanGeographyCitiesIslands