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JAMAICA

By: Nitish Rajesh Pradhan


INTRODUCTION
Jamaica is an island country situated in the Caribbean Sea, consisting
of the third-largest island of the Greater Antilles.
It was inhibited by the Arawak and Taino people for many centuries.
Columbus explored this island in 1494 and Spanish ruled it, naming it
Santiago, upto 1655 and then England conquered and renamed it
Jamaica.
Jamaica became a free nation in August 1962.
The biggest source of income for the country is Tourism Industry.
GEOGRAPHY
Jamaica, a Caribbean island nation, has a lush topography of
mountains, rainforests and reef-lined beaches.
Kingston is the capitol of Jamaica and its population is 2.8 million.
Almost 92% of its population is black.
Its climate is tropical with hot and humid weather. It lies in hurricane
belt of the Atlantic Ocean.
Primary Industries of Jamaica are Agriculture, Fisheries, Forestry and
Mining.
NATURAL RESOURCES
Bauxite and alumina, raw materials used in the
production of aluminum, are the country's main
exports.
The mining of Bauxite contributes a large
percentage to the GDP.
There are four alumina plants and six mines .
The Jamaica Bauxite (JBM) and the Bauxite and
Alumina Trading Company of Jamaica Limited
(BATCO).
Other minerals present in Jamaica include marble,
limestone, and silica, as well as ores of copper, lead,
zinc, manganese and iron.

(Source: Wikipedia)
INFLATION
The inflation rate in Jamaica was
recorded at 2.50 percent in June
2016.
The supply of essential commodities
were in line with the demand
The price of these commodities has
remained stable this year.
Price of crude oil has been reducing
helping to reduce inflation.
High level of crime contribute to
economic uncertainty.

Source: Bank of Jamaica


TAX Structure and Policies
The Government of Jamaica has increased the tax threshold to
$6million from January 2016. Income in excess of the threshold will
continue to be taxed at 30%.
Upto $6 million, 25% tax will be cut.
The Bank of Jamaica raised the cap on investments in foreign currency
securities which currently applies to securities dealers.
Foreign and Domestic investors are treated equally under the law.
Business start-up process is simple with no minimum capital required.
GROWTH
Tourism is tied with remittances Impact on GDP
30
as Jamaica's top source of
revenue. 25

The tourism industry earns over


20

50 percent of the country's total 15

foreign exchange earnings and 10

provides about one-fourth of all 5

jobs in Jamaica. 0

Total contribution to GDP was


28.5% in 2015

Source: World Travel & Tourism Council


Population
Population of Jamaica is 2.8 million.
Average age 29.5years
Cost of living is 126.04% higher than India.
Human Development Index value of Jamaica is 0.719
Many new policies in Education sector have helped improve
education quality of Jamaica.

Source: World Meters.info


REFERENCES
Geography, Natural resources. Retrieved from
https://en.wikipedia.org/wiki/Economy_of_Jamaica
Inflation, Tax structure. Retrieved from
http://boj.org.jm/uploads/pdf/papers_pamphlets/papers_pamphlets
_Essential_Facts_About_Inflation_.pdf
Population. Retrieved from www.worldometers.info/world-
population/jamaica-population/
Growth. www.wttc.org/-
/media/files/reports/.../jamaica%20benchmarking%202013.pdf
THANK YOU