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Forbes Ranks Jamaica as One of the Best Countries for Business

The Jamaican economy grew for the last three decades on average less than 1% for the year. The impediments to growth were, corruption and high-crime, red-tape, a high debt-to-GDP ratio and the bloated public sector.

The debt repayment plan has been making steady progress reducing the debt-to-GDP ratio. In 2012 the GDP ratio 150% was reduced to 110% in 2017. 

Jamaica derives most of its foreign exchange from bauxite/ alumina, tourism and remittances, there has been a decline in bauxite/alumina export, it was reduced to less than 5%of GDP, while earnings from tourism and remittance accounts were at 14% and 20% of the GDP and the economy is heavily dependent on services, that accounts for over 70% of GDP.  

In 2016 the growth reached 1.6% but there was a decline in 2017 to 0.9% because of intense rainfall.

The current administration faces the difficult task of maintaining fiscal discipline so that the debt load can continue to be reduced. Growth could increase and crime could decrease if the right policies are implemented to deal with the scamming, gangs that are connected to the drug trade and the high unemployment problem.



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