chief of mission: Ambassador Brenda LaGrange JOHNSON
embassy: 142 Old Hope Road, Kingston 6
mailing address: P.O. Box 541, Kingston 5
telephone: [1] (876) 702-6000
FAX: [1] (876) 702-6001
Flag description:
diagonal yellow cross divides the flag into four triangles - green (top and bottom) and black (hoist side and outer side); green represents hope, vegetation, and agriculture, black reflects hardships overcome and to be faced, and yellow recalls golden sunshine and the island's natural resources
Economy ::Jamaica
Economy - overview:
The Jamaican economy is heavily dependent on services, which now account for more than 60% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 20% of GDP and are equivalent to tourism revenues. Jamaica's economy, already saddled with the lowest economic growth in Latin America, will face increasing difficulties as the global economy slows. The economy faces serious long-term problems: a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a debt-to-GDP ratio of almost 130%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-to-late 1990s. It hinders government spending on infrastructure and social programs as debt servicing accounts for nearly half of government expenditures. Inflation rose sharply in 2008 as a result of high prices for imported food and oil and should fall in 2009 with the decline in international oil prices. High unemployment exacerbates the serious crime problem, including gang violence that is fueled by the drug trade. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem that is hampering economic growth.