Jamaicas Economy

Topics: Unemployment, Monetary policy, Jamaica Pages: 2 (723 words) Published: April 24, 2013
Discovered by Christopher Columbus, Jamaica is one of the most beautiful places on this tiny planet we call earth. The country is so beautiful that their main source of income is tourism. Jamaica’s economy is extremely dependent on services, which is nearly 80% of their GDP. Not only does Jamaica depend severely on outsiders visiting the country but the economy faces challenges in growth of its economy. Problems such as high crime, corruption and unemployment is bringing Jamaica’s economy to an all-time low, as their debt to GDP ratio is more than 140%. To fix this problem the Jamaican government created the Jamaica Debt Exchange in order to end the high priced domestic bonds and reduce annual debt servicing.

The GDP of Jamaica as of 2012 is $25.18 billion and the GDP per capita is $9100. There are three sectors in Jamaica, one is agriculture which is 6.5%, the second is 29.9%, and the largest sector is there services of 63.5%. Jamaica imports around $6 billion a year, they import goods like food, industrial supplies, fuel, machinery and many more. The United States is Jamaica’s largest partner when it comes to importing goods bringing in 32.8% and Venezuela coming second at 15%. Jamaica as of 2012 exports $1.718 billion; their main exports are sugarcane, yams, rum and coffee. The U.S. and Canada are their main consumers. The Jamaican government is trying real hard to better themselves as an independent country, but the country itself is indeed their own downfall. The unemployment rates in Jamaica have increased to 13.71% in the fourth quarter of 2012 alone. Due to the rapid increase in unemployment in the country, Jamaica has a bad crime rate that is keeping the country stagnant and unable to evolve. The government is currently in a 6.1% deficit that they won’t be coming out of anytime soon if they continue this downhill slop.

As we all know everyone has to pay taxes no matter what part of the world you are living in. Some countries tax rates are high and...

Bibliography: 1) "Central Intelligence Agency." CIA. N.p., n.d. Web. 11 Apr. 2013
2) "Jamaica." Global Property Guide. N.p., n.d. Web. 11 Apr. 2013.
3) "The Bank." Bank of Jamaica. N.p., n.d. Web. 11 Apr. 2013.
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