Growth
GDP growth is very important for any country. Unfortunately Jamaica is down -2.8% currently. Again,as I stated before these numbers directly correlate to the countries unemployment and inflation. However, in comparison to the other nearby countries, this number does not look so harsh. We have Cuba coming in with 1.4%, The Bahamas with -3.9%, Dominican Republic with 2.5%, Puerto Rico with -3.7% and lastly Haiti with 2.9%. But I will once again say that when compared to Haiti, Jamaica should strive to be economically more stable considering the recent disaster in Haiti causing everything to be re-built from the ground up. This country is highly dependent on services which account for 60% of the GDP. Which services you ask? Well, this country gets most of its foreign exchange from tourism, remittances and bauxite. Jamaica is also widely known for its production of limestone from the mountains which is exported to other countries, rum as well can be qualified as a source of service. Tourism alone counts for 20% of GDP.
However, some problems do arise when it comes to this countries capability of growth. Jamaica faces long term problems with a sizeable scale of merchant trade defecit. Also, in current news: Jamaica signed a $1.27million 27 month standby agreement with the International Monetary Fund for balance of payment support in Feburary 2010. A country with these tight fiscal conditions makes it hard for them to expand and continue to grow GDP and have enough funds to pay employees and even provide jobs.
However, some problems do arise when it comes to this countries capability of growth. Jamaica faces long term problems with a sizeable scale of merchant trade defecit. Also, in current news: Jamaica signed a $1.27million 27 month standby agreement with the International Monetary Fund for balance of payment support in Feburary 2010. A country with these tight fiscal conditions makes it hard for them to expand and continue to grow GDP and have enough funds to pay employees and even provide jobs.
