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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]
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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On 23 April: the receipt of JMD$4 million from Jamaica Cooperative Credit Union League towards the government's drive to raise funds for the purchasing from personal protective equipment. [116] On 24 April: the suspension of dividend payments, by the country's central bank (the Bank of Jamaica), during the 2020 financial year. [117]
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.
4 July – Category 4 Hurricane Beryl causes a six- to nine-feet storm surge and fierce winds along Jamaica's southern coast, killing at least one person there before tracking to the Cayman Islands. [4] 26 July–11 August – Jamaica at the 2024 Summer Olympics [5]