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Economy of Jamaica
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Author:  MatthewGarcia [ Tue Jun 28, 2022 4:10 pm ]
Post subject:  Economy of Jamaica

Jamaica is considered a developing country. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Jamaica may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Every year, Jamaica exports about US$1.77 billion and imports about US$5.56 billion. 12.1% of the country's population is unemployed. The total number of unemployed in Jamaica is 350,740. In Jamaica, 15.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Jamaica is quite high, but not a cause for complete concern in terms of investment. Potential lenders should look at other economic indicators, including GDP, the rate of urbanization and the strength of the currency, before making investment decisions. Government spending on education is 5.8% of GDP. The country's Gini index is 45.5. Jamaica experiences poor equality. The gap between the richest and poorest citizens in this country is quite palpable. Jamaica has a Human Development Index (HDI) of 0.715. Jamaica has an upper middle HDI score. This indicates that the majority of citizens will be able to lead a worthwhile life, although some citizens will not be able to achieve a high standard of living. The Global Peace Index (GPI) for Jamaica is 2,153. The Index of Strength of Legal Rights for Jamaica is 10. Overall it is considered quite strong – bankruptcy and collateral laws can protect the rights of borrowers and lenders quite well; Credit information is plentiful and easily accessible.

Currency
The currency of Jamaica is Jamaican Dollar. The plural form of the word Jamaican dollar is dollars. The symbol used for this currency is $ and is abbreviated as JMD. The Jamaican dollar is divided into cents; there are 100 in a dollar.

Credit rating
The credit worthiness depth index for Jamaica is 7, which means that the information is mostly sufficient and fairly detailed. Accessibility is not a problem. According to credit rating agency S&P, Jamaica has a credit rating score of CCC+ and the prospects for this rating are negative. According to rating agency Fitch, Jamaica has a credit rating score of B- and the prospects for that rating are stable. According to rating agency Moody's, Jamaica has a credit rating score of B3 and the prospects for this rating are stable.

Central bank
In Jamaica, the institution that manages the state's currency, money supply, and interest rates is called the Bank of Jamaica. The average interest rate on deposits offered by local banks in Jamaica is 5.3%.

National debt
Jamaica has a public debt equal to 150% of the country's gross domestic product (GDP) as estimated in 2013.

Control information
The corporate income tax rate in Jamaica is 33.3%. Personal income tax ranges from 0% to 25% depending on your specific situation and income level. Sales tax in Jamaica is 17.5%.

Finances
The total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Jamaica is US$24099 billion. The gross domestic product (GDP) per capita in Jamaica, calculated as purchasing power parity (PPP), was last USD 8 million. PPP in Jamaica is considered below average compared to other countries. Below-average PPPs indicate that citizens in this country find it difficult to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with below-average purchasing power parities are dangerous locations for investments. The total gross domestic product (GDP) in Jamaica is 14,270 billion. Based on this statistic, Jamaica is considered to be moderately strong. Middle economy countries support an average number of industries and investment opportunities. It shouldn't be too difficult to find worthwhile investment opportunities in mid-sized economies. The gross domestic product (GDP) per capita in Jamaica was last at 5 million US dollars. The average citizen in Jamaica has very little wealth. Countries with very low wealth per capita often have lower life expectancies and a dramat

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