Jamaica is an island country situated in the Caribbean Sea, consisting of the third-largest island of the Greater Antilles. The island, 10,990 square kilometres (4,240 sq mi) in area, lies about 145 kilometres (90 mi) south of Cuba, and 191 kilometres (119 mi) west of Hispaniola, the island containing the nation-states of Haiti and the Dominican Republic. Jamaica is the fourth-largest island country in the Caribbean, by area.
Jamaica’s economyThe management of money, currency and trade of a nation. The... has grown less than 1% per year for four decades.
In May 2013, the GOJ entered into a US$932 million 4-year Extended Fund Facility (EFF) with the International Monetary FundIMF. Established in 1944 by the United Nations to monitor fo... (IMF) to reduce its debt-to-GDP ratio, one of the highest in the world. Jamaica restructured its domestic debtMoney owed to another person or organisation, such as a loan... and undertook an ambitious legislative agenda to enact significant structural reforms. These included the elimination of sector-specific taxA fee imposed by a government on personal or corporate incom... incentives and waivers and improving the business climate. Through May 2016, Jamaica has successfully passed 12 consecutive quarterly reviews and has improved its rankings in the World Bank’s Doing Business report. The country’s macro-economic indicators have been improving since 2013: inflationNormally referring to the economy of a country, inflation is... moderated to a record low of 3.7% for 2015; the Net International Reserves jumped to US$2.4 billion at end 2015, up from US$989 million in March 2013; and, the current accountA bank account which can be used to make deposits, withdrawa... deficit improved from 12.8% of GDP at March 2013 to around 3% at end 2015. The country produced a current accountA bank account which can be used to make deposits, withdrawa... surplus for the January to March 2015 quarter, the first instance since 2004. On February 25, 2016, a new administration was voted into office on a one seat majority and has pledged to continue the EFF with the IMF.
Facts: Jamaica CapitalThe net worth of a business, including assets, cash, propert...: Kingston, Population: 2.8 million, Area: 10,991 sq km (4,243 sq miles), Major languages: English (official) and English patois, Major religion: Christianity, Life expectancy: 71 years (men) and 76 years (women), Currency: Jamaican dollar.
Important Details
- Country ISO3:JAM
- Country Code:388
- Income Group:Latin America & Caribbean
- Lending Category:Upper middle income
- Region:IBRD
- Currency Unit:Jamaican dollar
- WTO Member:YES
- TradeThe buying and selling or exchange of goods and services. Th... organisations:Bank of Jamaica
- world rank:48
- Regional Ranking:8th in the South and Central America/Caribbean Region
