Jamaica - Market OverviewJamaica - Market Overview
- Jamaica’s economy 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 Fund (IMF) to reduce its debt-to-GDP ratio, one of the highest in the world. In November 2016, the GOJ transitioned into a US$1.7 billion 3-year IMF Stand-By Arrangement to signal its commitment to policy continuity.
- Jamaica restructured its domestic debt and undertook an ambitious legislative agenda to enact significant structural reforms. These included the elimination of sector-specific tax incentives and waivers, and improving the business climate. Through May 2017, Jamaica has successfully passed its IMF program reviews and was a top ten improver in World Bank’s Doing Business report in 2015 and 2016.
- The country’s macro-economic indicators have been improving since 2013: inflation moderated to a record low of 1.7% for 2016; the Net International Reserves jumped to US$2.7 billion at end 2016, up from US$989 million in March 2013; and, the current account deficit improved from 12.8% of GDP at March 2013 to around 2% at end 2016, the lowest result in almost two decades. On February 25, 2016, a new administration was voted into office on a one seat majority and has contunued with the macroeconomic and structural reforms outlined in Jamaica’s IMF reform.
- Bilateral relations between Jamaica and the United States are generally good.
- The United States remains Jamaica's main trading partner, accounting for almost 40% of the nation’s total trade. Jamaica's other major trading partners include China, Japan, and Trinidad and Tobago.
Jamaica Trade Development and Promotion