Economic revival, but the road ahead is fraught with challenges

C2

MEDIUM RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD13.81bn (World ranking 128, World Bank 2020)
Population 2.96mn (World ranking 136, World Bank 2020)
Form of state Constitutional Parliamentary Democracy (Commonwealth)
Head of government Andrew Holness (Jamaica Labour Party, Prime Minister)
Next elections 2025, legislative
  • Numerous supports from international institutions, namely the World Bank, the IMF
  • Natural resources and tourism
  • Fairly high remittances from the diaspora -> nearly 20% of GDP (71% of remittances come from the USA)
  • High dependence on US economy
  • Sensitiveness to commodity prices (Bauxite notably: 47% of exports)
  • Little diversified economy
  • High public debt

Trade structure by destination/origin

(% of total, 2020)

Exports Rank Imports
United States 41.6%
1
36.6% United States
Canada 10.5%
2
10.2% Brazil
Netherlands 8.7%
3
9.1% China
Russian Federation 5.5%
4
4.0% Switzerland
Taiwan 5.4%
5
3.6% Japan

Trade structure by product

(% of total, 2020)

Exports Rank Imports
Metalliferous ores and metal scrap 47.0%
1
17.6% Petroleum, petroleum products and related materials
Petroleum, petroleum products and related materials 16.9%
2
7.7% Road vehicles
Beverages 8.3%
3
4.7% Cereals and cereal preparations
Vegetables and fruits 6.7%
4
4.3% Other industrial machinery and parts
Coffee, tea, cocoa, spices, and manufactures thereof 3.4%
5
3.7% Iron and steel
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