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An introduction to the Jamaican economy

(EMAILWIRE.COM, October 03, 2010 ) Ocho Rios, Jamaica - Jamaican economy has really changed since around 1945 when it was dependent on tropical agricultural products like sugar, bananas, coffee and cocoa. Since that time the island has become the largest producer of bauxite. Jamaica did suffer in the 80Â’s from higher local costs and lower world prices. Today, beverage exports such as Red Stripe Beer and Blue Mountain Coffee still remain as popular options throughout the world.

Although Jamaica has been identified among 23 countries on the US governments list for being major illicit drug producers and a transit country, it is now known more so as a major tourist center for North Americans. In fact, since 1983 tourism has been one of the largest sources of revenue for the country. It is worth noting that the economy has had issues with unemployment, less employment and not enough income, like most other countries throughout the world today.

Ever since Jamaica received $1 billion in International Monetary Fund money (IMF) and other credits, it seems that the country has experienced rapid inflation until the recent decade when the government brought in tighter money policies to bring down the inflation. Since then it has remained in the single digits.

In June, 2000 the government implemented a staff monitored program with the IMF for 2001-02 to reduce JamaicaÂ’s debt and increase the foreign investments. The growth started to return weak at first but continued to rise. Remittances from expatriates accounted for 13.6% of the GDP in 2001. JamaicaÂ’s economy seems to be stable enough to attract foreign investors, especially large hotel chains to continue to invest in the island. Therefore, Jamaica still represents an attractive investment option for many.

Jamaican Real Estate
Rollis Fontenot III
281-377-4473
rollis@jamaicanrealestate.net


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