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Jamaica

An island country situated in the Caribbean, Jamaica has a mixed economy that is excessively dependent on services, accounting for more than 70% of GDP. The majority of the foreign exchange comes from tourism, remittances and the mining sector. The real per capita GDP increased at an average rate of 1% during the past 30 years, making Jamaica one of the slowest growing developing country in the world. The country's government went on to introduce an ambitious programme of reforms for which it was able to garner both national and international support. A $932m Extended Fund Facility was provided by the International Monetary Fund (IMF). The country was able to successfully conclude its economic reform program, which was supported by a $1.66bn Stand-By arrangement. Unemployment in the country is around 9.5%. A skilled labour force along with strong social and governance indicators are some of the country's assets. The country's government signed a preliminary agreement with China in April 2014 for the 1^st phase of the Jamaican Logistics Hub, the aim of which is to position the island nation as the 4^th node in the global logistics chain. On completion, the project is presumed to produce many jobs for Jamaicans, economic zones for global companies and much needed economic growth to reduce the country's huge debt-to-GDP ratio. Heavy seasonal rainfall makes the country susceptible to a range of natural hazards. The government faces a daunting task of maintaining fiscal discipline, while at the same time executing growth inducing policies and confronting a serious crime problem.

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What free trade areas or economic unions is it a member of?

Member of the Caribbean Single Market and Economy (CSME) since 01/01/2006

Other members:

Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago

What trade deals are there between Caribbean Single Market and Economy and other countries and economic unions?

CARIFORUM - UK economic partnership agreement (from 01/01/2021)

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What trade deals are there with other countries and economic unions?

None

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