Tuesday, May 15, 2012

Jamaica's economic activities

Jamaica's primary economic activity is mining large amount of Bauxite in the mountains of the island. Bauxite is the country's main export, and is a huge part of economy of Jamaica. Tourism is a tertiary economic activity in Jamaica. The islands rainforests, beaches and the Jamaican culture atrract many people. Jamaica has a relatively low level of development, the country's GDP is 24.58 billion.

The country has a high rate of unemployment/underemployment, the unemployment rate in Jamaica increased from 12.4 percent in 2010 to 12.7 percent in 2011. The percent of Jamaica's population below the poverty line is 16.5 percent. the country has a debt to GDP ratio of 120 percent. this is probably because of many government bailouts, primarily in the financial sector, in the 1990's. the government created the Jamaican Debt Exchange in an attempt to reduce the country's debt. Jamaica's debt greatly hinders spending on infrastructure and social programs, contributing to job losses. the rising amount of job losses also raises the amount of crime in the country, which is becoming a serious problem.

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