Place Credit Reports Jamaica Order
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Economy Overview:
The Jamaican economy is heavily dependent on services, which now account
for 60% of GDP. The country continues to derive most of its foreign
exchange from remittances, tourism, and bauxite/alumina. The global
economic slowdown, particularly after the terrorist attacks in the US on
11 September 2001, stunted economic growth; the economy rebounded
moderately in 2003-04, with brisk tourist seasons. But the economy faces
serious long-term problems: high interest rates, increased foreign
competition, exchange rate instability, a sizable merchandise trade
deficit, large-scale unemployment and underemployment, and a growing
stock of internal debt - the result of government bailouts to ailing
sectors of the economy, most notably the financial sector in the
mid-1990s. The ratio of debt to GDP is 135%. Inflation, previously a
bright spot, is expected to remain in the double digits. Uncertain
economic conditions have led to increased civil unrest, including gang
violence fueled by the drug trade. In 2004, the government faced the
difficult prospect of having to achieve fiscal discipline in order to
maintain debt payments while simultaneously attacking a serious and
growing crime problem that is hampering economic growth. Attempts at
deficit control were derailed by Hurricane Ivan in September 2004, which
required substantial government spending to repair the damage. Despite
the hurricane, tourism looks set to enjoy solid growth for the
foreseeable future.
GCS and Graydon International
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