In the News
Diversifying Jamaica’s economy in the post-pandemic world

13th August 2021
I enjoyed reading this piece in the Oxford Business Review on barriers to growth and development in the Jamaican economy.
It is an excellent mini case study for Edexcel Theme 4 macro.
Jamaica is heavily dependent on tourism (the sector contributes over 30% of their GDP) and also on the US economy for their economic strength. Inevitably, the pandemic has wreaked havoc on an economy already struggling to overcome a number of structural supply and demand-side issues.
One example are restrictive trade agreements including those governing all-inclusive tourist packages are holding back their farm sector and contributing to very high import dependency.
Jamaica has one the lowest economic growth rate of developing countries. Persistently low wages contribute to a brain drain of younger workers.
Many are critical of the conditionality applied by the IMF when agreeing to emergency loans to help cover their very large fiscal and external trade deficits.
You might also like

Kahoot Quiz on Growth and Development
15th March 2023

Economic Development - Why is Africa Poor?
3rd March 2023

From Pasta to Turnips - the UK Food System Under Pressure
26th February 2023

Sustainable Development - World Bank Videos on Sustainable Fishing
11th February 2023

Dynamic Efficiency - Emirates Tests Sustainable Aviation Fuel
31st January 2023