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What are the challenges facing Jamaica?
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Apr 15, 2024 · Last Updated: Apr 15, 2024. After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
Feb 18, 2022 · February 22, 2022. Prior to the pandemic, Jamaica had successfully stabilized the economy, turning a fiscal deficit of 11 percent of GDP in 2009 into a 1 percent surplus in 2019, and reducing public debt from 142 percent of GDP in 2009 to 94 percent by 2019.
The main challenges for Jamaica include achieving sustained economic growth and social equity, as well as reducing poverty, unemployment, violent crime and corruption. Fiscal discipline and debt reduction are also crucial components of Jamaica’s evolving market economy.
Feb 28, 2024 · The commendations include strong gross domestic product growth (GDP), a robust tourism sector, record-low unemployment, and a declining public debt-to-GDP ratio. One notable beneficiary of...
Oct 8, 2023 · Poverty increased by 5.7 percentage points from 11 per cent in 2017 to 16.7 per cent in 2021. Indeed, the COVID-19 pandemic played a role in pushing these poverty numbers up, but the decline began...
Jan 25, 2022 · the Spring of 2020 helped contain the number of Covid-19 cases but the impact on the economy was severe, especially the tourism and transport sector, with real GDP shrinking by 10 percent. 1 The issuance of the 2045 global bond in September 2019 —at a historically low yield—reflects Jamaica’s restored credibility in international markets.
Despite risks from geopolitical tensions, elevated price levels and monetary policy tightening, Jamaica’s financial system was profitable, liquid, and well capitalised. After recording a current account deficit in 2021, a surplus was posted in 2022 due to increase travel receipts. Prospects for growth in 2023 are positive.
