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Despite some revival, economic growth is still low: the Jamaican Government is forecasting real gross domestic product (GDP) growth of 1.9 per cent for the fiscal year 2015/2016 and the country continues to be confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
These factors might include balance of payments imbalances due to conflicting structural procedures, or slow economic growth due to internal balance of payments weaknesses. EFF's allow a country to continue developing its internal structural integrity in order to strengthen economic growth without being too burdened by the costs of repayment. [21]
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.
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The economy of Jamaica consists mostly of a service sector, contributing over 70% of the GDP. [4] Tourism accounts for 20% of GDP, and remittances accounts for 14%. [4] The Jamaican economy has suffered from poor overall growth in the past several decades, averaging less than 1% growth annually over the past 30 years. [4]
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.
Life and Debt is a 2001 United States documentary film directed by Stephanie Black about the economic and social situation in Jamaica after globalization, specifically the impact of International Monetary Fund (IMF) and the World Bank's policies. It starts with the essay "A Small Place" by Jamaica Kincaid. The IMF loans were conditional on ...
The economy in the Caribbean region is highly dependent on its tourism industry; in 2013, this industry constituted 14% of their total GDP. This region is largely appealing for the sun, sand, and sea scene. Despite the fact that tourism is very reliant on the natural environment of the region, it has negative environmental impacts.