Economic Analysis of Jamaica - 1663 Words

The Economic Outlook for Jamaica 2012-2014 The Jamaican economy is based on the free market model, and has few restrictions on trade, investment and movement of currency. The major productive sectors over the years have included tourism, mining, agriculture, information technology telecommunications, manufacturing and the entertainment sector. Jamaica’s economy is presently very dependent on services, according to the CIA world fact book report of 2010, with it accounting for more than sixty (60%) of GDP. The country is also highly indebted and has a debt to GDP ratio of over 120%, indicating that based on Jamaica’s GDP it is extremely difficult for the country to pay off its increasing debt. Adding to this is the IMF loan†¦show more content†¦In terms of achieving economic growth there are several challenges facing the country, including high crime and corruption, high unemployment and underemployment, and the previously mentioned high debt to GDP ratio. Moreover the country highly depends on im ports for food, clothes, other consumer goods, industrial supplies, and also fuel which will have serious implications for Jamaica in the future. The Jamaican economy is at present heavily dependent on imported fuel and being a net importer of fuel the country is therefore susceptible to the instability of the world oil market - both in terms of supply and the price of oil. Jamaica is now trying to pick up the pieces and move forward after suffering from the global economic crisis. Unfortunately looking ahead the future does not seem to have a very positive outlook. There is a looming oil crisis forecasted to affect the global economy approximately in the period 2014-2015, signs of which are already present in 2011, for instance, looking at the crisis in Egypt it is a concern of many that this may have an impact on oil prices. Egypt may not be a major producer of oil but rather is a major transporter of this extremely significant world resource. There is also the possibility that the unrest in Egypt may spread to Saudi Arabia which is the world’s largest producer and exporter of oil. According to anShow MoreRelatedJamaica s Economic Analysis On The Bank Of Jamaica1775 Words   |  8 Pagesrelates to Jamaica s economic analysis of key indicators; let begin with the rate of exchange for the major world currencies. Based on the Bank of Jamai ca (2015) the weighted average rate for one US dollar was J$116.22 as at 5th June, 2015 while one Canadian currency cost was sold for J$93.04 and a pound sterling went for J$178.24. This means that the MES-Sim Corporation coming from Canada will have more money to spend when the dollar is converted to the local Jamaica dollar. The Jamaica Stock MarketRead MoreComparison Between Jamaica and India1742 Words   |  7 PagesRunning head: JAMAICA INDIA: A COMPARISON Jamaica India: A Comparison Abstract The paper provides a comparative analysis of Jamaica and India. Several important aspects of each countrys culture and history are examined. The paper assesses the risk and the advantage of conducting business with countries with histories of imperial rule and civil struggle. After providing a brief, yet comprehensive view of each country, the paper ultimately concludes that any business conducted with any countryRead MoreThe Impact Of Violence, Crime And Drugs On Poverty978 Words   |  4 PagesJoy Jaja 200296673 Economics 280 outline. THE IMPACT OF VIOLENCE, CRIME AND DRUGS ON POVERTY IN KINGSTON JAMAICA I. Introduction A. Background Poverty serves as a motivation to commit crimes and crime has been a substantial contributing factor to poverty in Jamaica. †¢ In Kingston, Jamaica the violence that takes place is directed at the citizens of the island. According to the Jamaica Crime and Safety Report in 2014, almost 1200 murders took place in 2013. †¢ Jamaican on Jamaican violence is aRead MoreBuying Solar Powered Lanterns On The Beautiful Tropical Island Nation Of Jamaica1382 Words   |  6 PagesFor the Business Opportunity Analysis Paper, I am trying to sell solar powered lanterns on the beautiful tropical island nation of Jamaica. It is located South of Cuba and West of Haiti in the Caribbean islands. Jamaica may have some economic, cultural, and political issues that can hurt business, but I have quite a few strategies and tricks up my sleeve to overcome those problems that will make my business prosper. In fact, I think the reason why Jamaica would be a great place to sell the productRead MoreThe Rebellion Of The Jamaica847 Words   |  4 Pages1865, Paul Bogle and a group of free blacks marched into Morant Bay protesting a local trail, which resulted in a full-scale uprising that caused deaths and destruction. Free blacks had economic troubles and little to power in colonial society because of their limited access to resources. By July 8, 1865, the Jamaica Guardian captured the people’s discontent with Governor Edward John Eyre, who served as British official on the island. In this message of discontent, the people call for his removal becauseRead MoreCulture Analysis : Jamaica. Jamaica1394 Words   |  6 PagesThe country that I chose to conduct a culture analysis on is Jamaica. Jamaica is a third world country located in North America and the 3rd largest island in the Caribbean Sea. There is a 2.5 million population, which equally divided between urban and rural areas. The country runs approximately 146 miles long and varies between 21- 52 miles wide. The climate is tropical and its main tourist attraction is their beautiful beaches. The capital of Jamaica is Kingston, which has a population of more thanRead MoreEconmics973 Words   |  4 PagesGrand Canyon University: ECN-601 Economics March 25, 2013 Introduction to the topic As countries, we are continuously concerned in distinguishing where we are and where we are going. For this assignment our CLC will take a look and begin to better understand how Germany has developed, while simultaneously understanding how Jamaica is developing. Our CLC group will prepare a report incorporating the following information on Germany and Jamaica. We will employ the country sRead MoreAn Analysis of the International Monetary Fund in Jamaica795 Words   |  4 Pages|An Analysis of the International Monetary Fund in Jamaica | | | | | | | | Read MoreLife And Debt And My Readings935 Words   |  4 PagesFrom my analysis of the film Life and Debt and my readings, I have come to the opinion that economic globalization works in favor of powerful and wealthy countries while undermining the interests of poorer, less developed countries to cultivate their own economy and establish a substantial quality of life for their civilians. In the film Life and Debt, this situation is exemplified through Jamaica’s decades-long grapple with economic globalization in their involvement with the IMF, World Bank, andRead MoreThe Penn Foster Career School Small Business Management Program1169 Words   |  5 Pagesaffordable and reliable used cars, its primary target being parents/guardians of existing university students and graduates who have just entered corporate Jamaica. Sophia’s Car Mart Limited will also provide after sale services to its customers by servicing vehicles an d stocking spare parts. The company is a limited liability company incorporated in Jamaica on January 1, 2016 with its registered office at 72 – 76 Harbour Street, Kingston. The company came into being when I decided to pool my resources.