Region: Caribbean
Capital:
Kingston
Population:
2,713,130 (July
2004 est.)
Surface
area:
10,990 sq km
Currency:
dollar
GDP
per capita:
purchasing power
parity - $3,800
(2003 est.)
Background:
Jamaica gained
full independence
within the British
Commonwealth
in 1962. Deteriorating
economic conditions
during the 1970s
led to recurrent
violence and
a drop off in
tourism. Elections
in 1980 saw the
democratic socialists
voted out of
office. Political
violence marred
elections during
the 1990s.
Economy
– Overview
The Jamaican
economy is heavily
dependent on
services, which
now account for
70% of GDP. The
country continues
to derive most
of its foreign
exchange from
tourism, remittances,
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, with one
of the best tourist
seasons on record.
But the economy
faces serious
long-term problems:
high interest
rates; increased
foreign competition;
a pressured,
sometimes sliding,
exchange rate;
a sizable merchandise
trade deficit;
large-scale unemployment;
and a growing
internal debt,
the result of
government bailouts
to ailing sectors
of the economy.
The ratio of
debt to GDP is
close to 150%.
Inflation, previously
a bright spot,
is expected to
remain in the
double digits.
Depressed economic
conditions have
led to increased
civil unrest,
including gang
violence fueled
by the drug trade.
In 2004, the
government faces
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.
United
Nations membership
date:
18 September
1962
New
York Mission:
Permanent Mission
of Jamaica to
the United Nations
767 Third Avenue,
9th Floor
New York, N.Y.
10017 USA
Telephone: 212-935-7509
Fax: 212-935-7607
Website
: http://www.un.int/jamaica
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