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Jamaica's Economy

Jamaica's economy has a diversified profile, comprising a vibrant services sector, which accounts for over 60% of GDP. Other key sectors include tourism, bauxite/alumina and agriculture. In addition, remittances account for nearly 20% of GDP.

The Government of Jamaica is committed to:

  • A sound predictable macro-economic policy.
  • Disciplined and strong fiscal management of the economy
  • A tax system that is simplified and equitable
  • A modernized labour market geared toward high levels of productivity
  • A simplified business-friendly bureaucracy
  • Effective measures to prevent corruption and fight crime
  • Supportive infrastructure

    In response to the global financial crisis and the resulting downturn in the global economy in 2008, the Jamaican economy has revealed a number of fundamental structural weaknesses, including a large persistent fiscal deficit. This crisis presents an opportunity to focus our collective efforts on addressing these issues head on. In response, the Government has developed a framework to address the following key reforms:

  • Controlling public sector balances and debt
  • Rationalizing public bodies
  • Improving central government financial management and budget processes
  • Increasing revenue collection
  • Increasing growth and competitiveness
  • Managing the public sector wage bill

  • © 2007 Embassy of Jamaica Washington, DC | 1520 New Hampshire Avenue, NW, Washington DC 20036