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The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [16] Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar, and bananas. [17]
While agriculture is the major economic land-use activity in many Caribbean countries, agriculture accounts for a declining percentage of most islands' GDP. However, unlike many developed countries, this trend may be accounted for by a growing tertiary sector, as opposed to industrial growth, except for Trinidad and Tobago and Mexico.
Several economist have voiced concern over this, arguing that an increase in the size of the informal economy can lead to a decline in economic growth. [24] [predatory publisher] Today Jamaica has a population of 2.8 million individuals (2018), [4] a GNI per capita of $4,990 (2018), and a lower inequality rate than most nations in Latin America.
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Jamaica's initial quota was in the amount of US$20,000, which was allocated to the IMF in February 1963. Subsequently, Jamaica has increased its quota shares in 1966 (twice),and again in 1969, 1970, 1978, 1980, 1984, 1992, 1999, and in 2016. As of today, Jamaica has an outstanding (unpaid) loan in the amount of 528.78 million SDR's. [28]
The global economic downturn had a significant impact on the Jamaican economy for the years 2007 to 2009, resulting in negative economic growth. The government implemented a new Debt Management Initiative, the Jamaica Debt Exchange (JDX) on 14 January 2010.
Jamaica is an island country in the Caribbean. The country had a population of 2,825,352 as of 2023, having the fourth largest population in the region. Jamaica's annual population growth rate stood at 0.08% in 2022. As of 2023, 68.9% of Jamaicans were Christians in 2011, predominantly Protestant.
The overall goal is to make Jamaica a significant player in the arena of information technology. [4] In 2009, Jamaica launched Vision 2030, a national development plan that aims to put Jamaica in a position to achieve developed country status by 2030. National Outcome 11 is a "Technology-Enabled Society", to create a more prosperous economy.