Flag and Socioeconomic Facts

Jamaica’s economy depends heavily on the country's tourism, agriculture, and services (public needs). They export large amounts of agriculture, aluminum, and bauxite (a kind of rock that can make aluminum), the U.S. as their main trading partner. The most common import for Jamaica is petroleum because it is a central source of energy for Jamaica. The amount of money an average person in Jamaica makes in a year is 10,300 Jamaican dollars and about 154 Jamaican dollars is equal to one U.S. dollar. The rate of money Jamaica makes per year (GDP) goes up by 1% each year. From its independence in 1962, Jamaica relied mostly on its supply of sugarcane and other agricultural products. Though by the 20th century Jamaica turned to manufacturing and mining to provide for the economy instead. Jamaica also has a high debt-to-GDP ratio which means they are borrowing more money than they are making. This might have been the cause of the financial crisis in the 1990s, Jamaica having to bailout many industries so as not to financially collapse. The ratio of debt-to-GDP in Jamaica is going down though. In 2012 the ratio was at most around 150% and decreased in 2017 to at least around 110%. Jamaica is in close collaboration with the International Monetary Fund (IMF), who loan Jamaica money with the promise that they will decrease their debt ratio to under 60% by 2025. The IMF is like a country bank, where rich countries like the U.S. or China donate money to poorer countries like Jamaica, the IMF transacting between them. In conclusion, the economy of Jamaica lacks stability, but over the next few years there is the hope that the balance will look up in their prospects.