What type of economy does jamaica have

The Secretariat Youth Programme helped Jamaica increase youth employment and encouraged young people to set up businesses. The Secretariat advised Jamaica on managing its petroleum and mining sector resources more sustainably. It helped the country negotiate a new production sharing contract. The Connectivity Agenda is a platform for countries to exchange best practices and experiences to trade and investment and undertake domestic reform.

Site search. Key facts Region: Caribbean and Americas Population: 2. The English colonists who occupied the island in imported slave labor and developed large sugar plantations. For the colony's first 2 centuries sugar production dominated the economy, but the end of slavery in and the beginning of banana production ended this mono-culture dependence on a single crop. Nevertheless, sugar remained Jamaica's dominant export until the s. Jamaica entered the 20th century as a crown colony of England, which meant that it was administered by officials from England.

Jamaica received limited self rule in , but the growing power of the country's black majority was acknowledged in with the island's peaceful claim of independence. Since claiming its independence, Jamaica has struggled to create a stable, diversified economy. By the end of the 20th century, Jamaica had not yet created a truly vibrant economy and remained heavily dependent on the United States and Europe for imported goods, and on international lending agencies for financial assistance.

Jamaica is primarily a free-market economy with some state control; despite occasional political violence, it has a fairly stable, 2-party political system and the strong economic support of the United States, Canada, and the European Union. The economy's main exports are bauxite, alumina, sugar, and bananas, but the greatest single contributor to the national economy is tourism. The World Bank stands ready to support our partners in the Caribbean and will provide updates on actions being taken.

Jamaica is the largest island in the English-speaking Caribbean, and the most populated with 2. Like its neighbors, Jamaica is vulnerable to natural disasters - such as hurricanes and flooding - and the effects of climate change. It is an upper middle-income economy that is nevertheless struggling due to low growth, high public debt, and exposure to external shocks.

In , Jamaica launched an ambitious reform program to stabilize the economy, reduce debt, and fuel growth, gaining national and international support. The rate of unemployment also fell to a historic low of 7. Stronger and more resilient economic growth is needed to eliminate poverty and boost shared prosperity. Crime and violence levels remain high, emphasizing the need to address the issues of youth unemployment, education, and social cohesion.

Poverty is expected to decline further with rising per-capita GDP, lower unemployment, and strengthened safety nets. In addition, the WBG has provided two grants to help Jamaica improve its management of climate data and information and support the social and economic inclusion of people with disabilities. The IFC, the private-sector arm of the WBG, works across a broad range of sectors in Jamaica, including financial markets, infrastructure, information and communications technology, and manufacturing and services.

In , a new Country Partnership Strategy will be completed to ensure that the goals of the Government of Jamaica and those of the World Bank Group remain well aligned.