ECONOMY

Jamaica is a developing country in the Caribbean region that has one of the slowest growing economies in Latin America. Because of an unstable economic environment, minimal innovation, and a shortage of human capital, Jamaica has had consistently low productivity growth. With its economy mixed but increasingly based on services – notably tourism and finance-– it has accumulated a $10,000 GDP per capita as of 2023. In 2019, it was ranked 118th nominal and 133rd PPP for its national GDP. Even with major exports such as natural gas, liquor and aluminum ore making millions of dollars, the country is still heavily indebted. The exports of Jamaica have changed by -$391M from $2.28B in 2018 to $1.89B in 2023. Moreover, poverty in Jamaica has been like a rollercoaster, going up and down. Periods of significant improvement in this area had been undone by external shocks. 13.9% of people make less than $5.50 a day with the poverty rate sitting at 12.3% as of 2023. Despite a lot of economic shortcomings, Jamaica is home to several major companies that generate mass revenue, such as the insurance firm Sagicor Life Jamaica, and the telecommunication company, such as Digicel. Although Jamaica’s economy has gone through rough patches, it is important for advancement and innovation in the country.