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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]
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.
The Ministry of Economic Growth and Job Creation is a ministry of the Government of Jamaica. It was established in February 2016. It was established in February 2016. [ 1 ]
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Ongoing — COVID-19 pandemic in Jamaica 5 February – Drought, increases in local demand, and a drop in the number of farmers all contribute to a marijuana shortage.The COVID-19 pandemic and related curfew means that farmers have a difficult time in irrigating their fields.
Current events; Random article; About Wikipedia; ... Economy of Jamaica (13 C, 10 P) S. Economy of Saint Kitts and Nevis (7 C, 6 P)