Jamaican Economy
Jamaica’s Economy
Jamaica’s economy has a diversified profile, comprising a vibrant services sector,
which accounts for over 60% of GDP. Other key sectors include tourism, bauxite/alumina and agriculture.
In addition, remittances account for nearly 20% of GDP.
The Government of Jamaica is committed to:
A sound predictable macro-economic policy.
Disciplined and strong fiscal management of the economy
A tax system that is simplified and equitable
A modernized labour market geared toward high levels of productivity
A simplified business-friendly bureaucracy
Effective measures to prevent corruption and fight crime and
Supportive infrastructure
In response to the global financial crisis and the resulting downturn in the global economy in 2008,
the Jamaican economy has revealed a number of fundamental structural weaknesses, including a large
persistent fiscal deficit. This crisis presents an opportunity to focus our collective efforts on
addressing these issues head on. In response, the Government has developed a framework to address
the following key reforms:
Controlling public sector balances and debt
Rationalizing public bodies
Improving central government financial management and budget tabprocesses
Increasing revenue collection
Increasing growth and competitiveness
Managing the public sector wage bill
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