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The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [16] Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar, and bananas. [17]
Jamaica's initial quota was in the amount of US$20,000, which was allocated to the IMF in February 1963. Subsequently, Jamaica has increased its quota shares in 1966 (twice),and again in 1969, 1970, 1978, 1980, 1984, 1992, 1999, and in 2016. As of today, Jamaica has an outstanding (unpaid) loan in the amount of 528.78 million SDR's. [28]
The economy of Jamaica consists mostly of a service sector, contributing over 70% of the GDP. [4] Tourism accounts for 20% of GDP, and remittances accounts for 14%. [4] The Jamaican economy has suffered from poor overall growth in the past several decades, averaging less than 1% growth annually over the past 30 years. [4]
Jamaica is an upper-middle-income country [14] with an economy heavily dependent on tourism; it has an average of 4.3 million tourists a year. [19] Jamaica is a parliamentary constitutional monarchy, with power vested in the bicameral Parliament of Jamaica, consisting of an appointed Senate and a directly elected House of Representatives. [8]
While agriculture is the major economic land-use activity in many Caribbean countries, agriculture accounts for a declining percentage of most islands' GDP. However, unlike many developed countries, this trend may be accounted for by a growing tertiary sector , as opposed to industrial growth, except for Trinidad and Tobago and Mexico.
Life and Debt is a 2001 United States documentary film directed by Stephanie Black about the economic and social situation in Jamaica after globalization, specifically the impact of International Monetary Fund (IMF) and the World Bank's policies. It starts with the essay "A Small Place" by Jamaica Kincaid. The IMF loans were conditional on ...
Ongoing — COVID-19 pandemic in Jamaica. 1 February – Jamaican Prime Minister Andrew Holness says that his government is willing to send troops to Haiti as part of a "multinational security assistance deployment". [2] 6 May – Coronation of Charles III as King of Jamaica and the other Commonwealth realms.
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