Editing Jamaica (section)

==Economy==
{{Main|Economy of Jamaica}}
[[File:Negril-Beach.jpg|thumb|A beach in [[Negril]] with a hotel and restaurant]]
[[File:JamesBondBeach2.jpg|thumb|right|James Bond Beach in [[Oracabessa]]]]
Jamaica is a [[mixed economy]] with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include [[agriculture]], [[mining]], [[manufacturing]], tourism, [[petroleum refining processes|petroleum refining]], [[financial]] and [[insurance]] services.<ref name="EBJ"/> Tourism and mining are the leading earners of [[foreign exchange market|foreign exchange]]. Half the Jamaican economy relies on services, with half of its income coming from services such as tourism. An estimated 4.3 million foreign tourists visit Jamaica every year.<ref name="autogenerated2"/> According to the [[World Bank]], Jamaica is an upper-middle income country that, like its Caribbean neighbours, is vulnerable to the [[Climate change in the Caribbean|effects of climate change]], flooding, and hurricanes.<ref name="Jamaica country"/> In 2018, Jamaica represented the [[Caribbean Community|CARICOM Caribbean Community]] at the [[G20]] and the [[Group of Seven|G7]] annual meetings.<ref>{{cite news |url=http://jamaica-gleaner.com/article/commentary/20181201/elizabeth-morgan-jamaica-caricom-and-g20-summit |title=Ja/Caricom and the G20 Summit |publisher=Jamaica Gleaner newspaper |access-date=21 February 2019 |archive-url=https://web.archive.org/web/20190222042130/http://jamaica-gleaner.com/article/commentary/20181201/elizabeth-morgan-jamaica-caricom-and-g20-summit |archive-date=22 February 2019 |url-status=live }}</ref> In 2019 Jamaica reported its lowest unemployment rate in 50 years.<ref>{{cite web|url=https://jis.gov.jm/features/lowest-unemployment-in-50-years/|title=Lowest Unemployment in 50 Years|publisher=[[Jamaica Information Service]] (Government of Jamaica)|access-date=21 February 2019|archive-url=https://web.archive.org/web/20190221112222/https://jis.gov.jm/features/lowest-unemployment-in-50-years/|archive-date=21 February 2019|url-status=live}}</ref>

Supported by multilateral financial institutions, Jamaica has, since the early 1980s, sought to implement structural reforms aimed at fostering private sector activity and increasing the role of market forces in resource allocation<ref name="mof.gov.jm">{{cite web |url=http://www.mof.gov.jm/mof-media/media-centre/press/2569-goj-divestment-and-projects-programme-to-generate-billions-in-investment-opportunities-for-jamaican-capital.html |title=GOJ Divestment and Projects Programme to Generate Billions in Investment Opportunities for Jamaican Capital |publisher=Government of Jamaica Ministry of Finance and Public Services |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224062403/http://www.mof.gov.jm/mof-media/media-centre/press/2569-goj-divestment-and-projects-programme-to-generate-billions-in-investment-opportunities-for-jamaican-capital.html |archive-date=24 February 2019 |url-status=live }}</ref><ref name="Jamaica Observer newspaper">{{cite web |url=http://www.jamaicaobserver.com/latestnews/Holness_says_divestment_of_state_assets_good_thing_for_Jamaica |title=Holness says divestment of state assets good thing for Jamaica |publisher=Jamaica Observer newspaper |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224062310/http://www.jamaicaobserver.com/latestnews/Holness_says_divestment_of_state_assets_good_thing_for_Jamaica |archive-date=24 February 2019 |url-status=live }}</ref><ref name="Jamaica Gleaner newspaper">{{cite web|url=http://jamaica-gleaner.com/article/news/20181114/dbj-bats-small-investors-wigton-divestment|title=DBJ Bats For Small Investors in Wigton Divestment|date=14 November 2018|publisher=Jamaica Gleaner newspaper|access-date=23 February 2019|archive-url=https://web.archive.org/web/20190224003542/http://jamaica-gleaner.com/article/news/20181114/dbj-bats-small-investors-wigton-divestment|archive-date=24 February 2019|url-status=live}}</ref> Since 1991, the government has followed a programme of economic liberalisation and stabilisation by removing exchange controls,<ref>{{cite web |url=https://www.export.gov/article?id=Jamaica-Foreign-Exchange-Controls |title=Jamaica – Foreign Exchange Controls |website=export.gov |publisher=Government of the United States |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224002029/https://www.export.gov/article?id=Jamaica-Foreign-Exchange-Controls |archive-date=24 February 2019 |url-status=live }}</ref><ref>{{cite news |url=http://www.jamaicaobserver.com/business/-No-legal-restrictions-on-foreign-currency-quotes-_15570664 |title=No Legal Restrictions of Foreign Currency Quotes |website=Jamaica Observer |publisher=Jamaica Observer Newspaper |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224002109/http://www.jamaicaobserver.com/business/-No-legal-restrictions-on-foreign-currency-quotes-_15570664 |archive-date=24 February 2019 |url-status=live }}</ref> floating the exchange rate,<ref>{{cite web |url=http://ctrc.sice.oas.org/trc/Jamaica/JamaicaTP.asp |title=Trade Reference Centre – Jamaica – Caribbean Trade Reference Centre |publisher=Trade Reference Centre – Jamaica – Caribbean Trade Reference Centre |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190228010302/http://ctrc.sice.oas.org/trc/Jamaica/JamaicaTP.asp |archive-date=28 February 2019 |url-status=live }}</ref><ref name="state1">{{cite web |url=https://2009-2017.state.gov/e/eb/rls/othr/ics/2011/157299.htm |title=2011 Investment Climate Statement — Jamaica |publisher=U.S. Department of State |access-date=21 May 2019 |archive-date=8 February 2023 |archive-url=https://web.archive.org/web/20230208230306/https://2009-2017.state.gov/e/eb/rls/othr/ics/2011/157299.htm |url-status=live }}</ref> cutting [[tariff]]s,<ref>{{cite web |url=https://www.export.gov/article?id=Jamaica-Import-Tariffs |title=Jamaica – Import Tariffs |website=export.gov |publisher=Government of the United States |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224001921/https://www.export.gov/article?id=Jamaica-Import-Tariffs |archive-date=24 February 2019 |url-status=live }}</ref> stabilising the [[Jamaican dollar]], reducing [[inflation]]<ref name="Bloomberg">{{cite news |url=https://www.bloomberg.com/news/articles/2019-01-17/no-inflation-no-cry-jamaica-turns-to-reggae-to-promote-target |title=Jamaica Turns to Reggae Videos to Promote Inflation Target |publisher=Bloomberg |access-date=22 February 2019 |archive-url=https://web.archive.org/web/20190222151944/https://www.bloomberg.com/news/articles/2019-01-17/no-inflation-no-cry-jamaica-turns-to-reggae-to-promote-target |archive-date=22 February 2019 |url-status=live }}</ref> and removing restrictions on [[foreign direct investment|foreign investment]].<ref name="state1"/><ref>{{cite web |url=https://www.export.gov/article?id=Jamaica-Openness-to-Foreign-Investment |title=Jamaica – 1-Openness to & Restriction on Foreign Investment |publisher=U.S. Department of State |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224002016/https://www.export.gov/article?id=Jamaica-Openness-to-Foreign-Investment |archive-date=24 February 2019 |url-status=live }}</ref> Emphasis has been placed on maintaining strict fiscal discipline, greater openness to trade and financial flows, market liberalisation and reduction in the size of government. During this period, a large share of the economy was returned to private sector ownership through [[divestment]] and privatisation programmes.<ref name="mof.gov.jm"/><ref name="Jamaica Observer newspaper"/><ref name="Jamaica Gleaner newspaper"/> The free-trade zones at Kingston, Montego Bay and Spanish Town allow duty-free importation, tax-free profits, and free repatriation of export earnings.<ref name="Jamaica Economy">{{cite web |url=http://thecommonwealth.org/our-member-countries/jamaica/economy |title=Jamaica (Economy) |work=The Commonwealth |publisher=Official Commonwealth Website (UK) |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224001931/http://thecommonwealth.org/our-member-countries/jamaica/economy |archive-date=24 February 2019 |url-status=live }}</ref>

Jamaica's economy grew strongly after the years of independence,<ref name="Jamaica Economy"/> but then stagnated in the 1980s, due to the heavy falls in price of bauxite and fluctuations in the price of agriculture.<ref name="Jamaica Economy"/><ref name="EBJ"/> The financial sector was troubled in 1994, with many banks and insurance companies suffering heavy losses and liquidity problems.<ref name="EBJ"/><ref name="Jamaica Economy"/> According to the [[Commonwealth of Nations|Commonwealth]] Secretariat, "The government set up the Financial Sector Adjustment Company (Finsac) in January 1997 to assist these banks and companies, providing funds in return for equity, and acquired substantial holdings in banks and insurance companies and related companies..." but it only exasperated the problem, and brought the country into large external debt.<ref name="Jamaica Economy"/> From 2001, once it had restored these banks and companies to financial health, Finsac divested them."<ref name="Jamaica Economy"/> The [[Government of Jamaica]] remains committed to lowering inflation, with a long-term objective of bringing it in line with that of its major trading partners.<ref name="Bloomberg"/>

In 1996 and 1997 there was a decrease in GDP largely due to significant problems in the financial sector and, in 1997, a severe island-wide drought (the worst in 70 years) and hurricane that drastically reduced agricultural production.<ref>{{cite web |url=http://www.fao.org/docrep/005/y4632e/y4632e0m.htm |title=Jamaica |publisher=Food and Agriculture Organization of the United Nations |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190217064745/http://www.fao.org/docrep/005/Y4632E/y4632e0m.htm |archive-date=17 February 2019 |url-status=live }}</ref> In 1997 and 1998, nominal GDP was approximately a high of about 8 percent of GDP and then lowered to 4½ percent of GDP in 1999 and 2000.<ref>{{cite web|url=https://www.imf.org/external/np/loi/2000/jam/01/|title=Jamaica Letter of Intent July 19, 2000|publisher=International Monetary Fund|access-date=23 February 2019|archive-url=https://web.archive.org/web/20190224062353/https://www.imf.org/external/np/loi/2000/jam/01/|archive-date=24 February 2019|url-status=live}}</ref> The economy in 1997 was marked by low levels of [[import]] growth, high levels of private capital inflows and relative stability in the [[foreign exchange market]].<ref>{{cite web |url=https://www.wto.org/english/tratop_e/tpr_e/tp085_e.htm |title=Jamaica: October 1998 |publisher=World Trade Organization |access-date=22 February 2019 |archive-url=https://web.archive.org/web/20190222151905/https://www.wto.org/english/tratop_e/tpr_e/tp085_e.htm |archive-date=22 February 2019 |url-status=live }}</ref>

Recent economic performance shows the Jamaican economy is recovering. [[Agricultural]] production, an important engine of growth increased to 5.5% in 2001 compared to the corresponding period in 2000, signalling the first positive growth rate in the sector since January 1997.<ref>{{cite web |url=http://www.fao.org/3/y4632e/y4632e0m.htm |title=Jamaica |publisher=Food and Agriculture Organization of the United Nations |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224062347/http://www.fao.org/3/y4632e/y4632e0m.htm |archive-date=24 February 2019 |url-status=live }}</ref> In 2018, Jamaica reported a 7.9% increase in [[maize|corn]], 6.1% increase in [[cooking banana|plantains]], 10.4% increase in [[banana]]s, 2.2% increase in [[pineapple]]s, 13.3% increase in [[colocasia esculenta|dasheen]], 24.9% increase in [[coconut]]s, and a 10.6% increase in whole [[milk]] production.<ref>{{cite web |url=https://jis.gov.jm/growth-in-agriculture-subsectors/ |title=Growth in Agriculture Subsectors |publisher=Government of Jamaica ([[Jamaica Information Service]]) |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224002115/https://jis.gov.jm/growth-in-agriculture-subsectors/ |archive-date=24 February 2019 |url-status=live }}</ref> Bauxite and alumina production increased 5.5% from January to December 1998, compared to the corresponding period in 1997. January's bauxite production recorded a 7.1% increase relative to January 1998 and continued expansion of alumina production through 2009 is planned by Alcoa.<ref>[http://www.jamaicaobserver.com/magazines/Business/html/20070428T200000-0500_122373_OBS_NO_GAS_FROM_TRINIDAD__VENEZUELA_BY_____.asp No gas from Trinidad, Venezuela by 2009 – Jamaica Observer.com<!-- bot-generated title -->] {{webarchive|url=https://web.archive.org/web/20080217022409/http://www.jamaicaobserver.com/magazines/Business/html/20070428T200000-0500_122373_OBS_NO_GAS_FROM_TRINIDAD__VENEZUELA_BY_____.asp|date=17 February 2008}}
at www.jamaicaobserver.com</ref> Jamaica is the fifth-largest exporter of bauxite in the world, after Australia, China, Brazil and Guinea. The country also exports [[limestone]], of which it holds large deposits. The government is currently implementing plans to increase its extraction.<ref>{{cite web|url=http://www.jamaicaobserver.com/business-observer/limestone-research-finds-richest-deposits-in-st-elizabeth-portland-and-trelawny_95991|title=Limestone research finds richest deposits in St Elizabeth, Portland and Trelawny|publisher=Jamaica Observer newspaper|access-date=21 February 2019|archive-url=https://web.archive.org/web/20190221112137/http://www.jamaicaobserver.com/business-observer/limestone-research-finds-richest-deposits-in-st-elizabeth-portland-and-trelawny_95991|archive-date=21 February 2019|url-status=live}}</ref>

A Canadian company, Carube Copper Corp, has found and confirmed, "...the existence of at least seven significant Cu/Au porphyry systems (in St. Catherine)." They have estimated that, "The porphyry distribution found at Bellas Gate is similar to that found in the Northparkes mining district of New South Wales, Australia (which was) sold to China in 2013 for US$820 million." Carube noted that Jamaica's geology, "... is similar to that of Chile, Argentina and the Dominican Republic – all productive mining jurisdictions." Mining on the sites began in 2017.<ref>{{cite web |url=http://www.jamaicaobserver.com/business/Carube-Copper-Corp-to-begin-mining-for-gold-and-copper-at-Bellas-Gate-in-April_91755 |title=Carube Copper Corp to begin exploring for gold and copper at Bellas Gate in April |last=Collinder |first=Avia |publisher=Jamaica Observer newspaper |access-date=21 February 2019 |archive-url=https://web.archive.org/web/20190221112329/http://www.jamaicaobserver.com/business/Carube-Copper-Corp-to-begin-mining-for-gold-and-copper-at-Bellas-Gate-in-April_91755 |archive-date=21 February 2019 |url-status=live }}</ref>

Tourism, which is the largest foreign exchange earner, showed improvement as well. In 1999 the total visitor arrivals was 2 million, an increase of 100,000 from the previous year.<ref>{{cite journal |last1=McDavid |first1=Hamilton |title=An Input-Output Analysis of the Jamaican Hospitality and Tourism Sector |journal=Social and Economic Studies: Sir Arthur Lewis Institute of Social and Economic Studies, University of the West Indies |volume=52 |issue=1 |pages=161–184 |jstor=27865318 |year=2003}}</ref> Since 2017, Jamaica's tourism has risen exponentially, rising to 4.3 million average tourists per year. Jamaica's largest tourist markets are from North America, South America, and Europe. In 2017, Jamaica recorded a 91.3% increase in stopover visitors from Southern and Western Europe (and a 41% increase in stopover arrivals from January to September 2017 over the same period from the previous year) with Germany, Portugal and Spain registering the highest percentage gains.<ref>{{cite news|url= http://www.jamaicaobserver.com/latestnews/Jamaica_sees_European_tourism_boom|title= Jamaica sees European tourism boom|newspaper= Jamaica Observer|access-date= 21 February 2019|archive-url= https://web.archive.org/web/20190221112039/http://www.jamaicaobserver.com/latestnews/Jamaica_sees_European_tourism_boom|archive-date= 21 February 2019|url-status= live}}</ref> In 2018, Jamaica won several World Travel Awards in Portugal winning the "Chairman's Award for Global Tourism Innovation", "Best Tourist Board in the Caribbean" "Best Honeymoon Destination", "Best Culinary Destination", "World's Leading Beach Destination" and "World's Leading Cruise Destination".<ref name="Jamaica sweeps World Travel Awards">{{cite web |url=http://www.jamaicaobserver.com/latestnews/Jamaica_sweeps_World_Travel_Awards_?profile=1228 |title=Jamaica sweeps World Travel Awards |publisher=Jamaica Observer newspaper |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224002104/http://www.jamaicaobserver.com/latestnews/Jamaica_sweeps_World_Travel_Awards_?profile=1228 |archive-date=24 February 2019 |url-status=live }}</ref><ref name="Jamaica Ministry of Tourism">{{cite web |url=https://www.mot.gov.jm/news-releases/jamaica-scores-big-travvy-tourism-awards |title=Jamaica Scores Big With Travvy Tourism Awards |publisher=Jamaica Ministry of Tourism |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224062409/https://www.mot.gov.jm/news-releases/jamaica-scores-big-travvy-tourism-awards |archive-date=24 February 2019 |url-status=live }}</ref> Two months later, the Travvy Tourism Awards held in New York City, awarded Jamaica's Tourism Minister Edmund Bartlett, with the inaugural Chairman's Award for, "Global Tourism Innovation for the Development of the Global Tourism Resilience and Crisis Management Centre (GTRCM)". Bartlett has also won the Pacific Travel Writer's Association's award in Germany for the, "2018 Best Tourism Minister of the Year".<ref name="Jamaica sweeps World Travel Awards"/><ref name="Jamaica Ministry of Tourism"/><ref>{{cite news |url= http://www.jamaicaobserver.com/latestnews/Bartlett_is_Worlds_Tourism_Minister_of_the_Year?profile=1470 |title= Bartlett is World's Tourism Minister of the Year |publisher= Jamaica Observer newspaper |access-date= 23 February 2019 |archive-url= https://web.archive.org/web/20190224002135/http://www.jamaicaobserver.com/latestnews/Bartlett_is_Worlds_Tourism_Minister_of_the_Year?profile=1470 |archive-date= 24 February 2019 |url-status= live }}</ref>

Petrojam, Jamaica's national and only petroleum refinery, is co-owned by the [[Government of Venezuela]]. Petrojam, "..operates a 35,000 barrel per day hydro-skimming refinery, to produce Automotive Diesel Oil; Heavy Fuel Oil; Kerosene/Jet Fuel, Liquid Petroleum Gas (LPG), Asphalt and Gasoline." Customers include the Power industry, Aircraft refuellers, and Local Marketing companies.<ref>{{cite web|url= http://www.petrojam.com/about-us|title= PetroJam (About Us)|publisher= PetroJam (Government of Jamaica)|access-date= 20 April 2016|archive-url= https://web.archive.org/web/20160406100753/http://www.petrojam.com/about-us|archive-date= 6 April 2016|url-status= live}}</ref> On 20 February 2019, the Jamaican Government voted to retake ownership of Venezuela's 49% share.<ref>{{cite web|url= https://jis.gov.jm/house-approves-bill-to-retake-ownership-of-petrojam-shares/|title= House Approves Bill to Retake Ownership of Petrojam Shares|publisher= [[Jamaica Information Service]] (Government of Jamaica)|access-date= 21 February 2019|archive-url= https://web.archive.org/web/20190222095208/https://jis.gov.jm/house-approves-bill-to-retake-ownership-of-petrojam-shares/|archive-date= 22 February 2019|url-status= live}}</ref>

Jamaica's agricultural exports are [[sugar]], [[bananas]], [[cocoa bean|cocoa]],<ref>{{cite web |url=http://www.jamaicaobserver.com/editorial/jamaican-cocoa-could-be-sweet-again_48936 |title=Jamaican cocoa could be sweet again |publisher=Jamaica Observer newspaper |access-date=21 February 2019 |archive-url=https://web.archive.org/web/20190221112213/http://www.jamaicaobserver.com/editorial/jamaican-cocoa-could-be-sweet-again_48936 |archive-date=21 February 2019 |url-status=live }}</ref> [[coconuts|coconut]], [[molasses]]<ref name="EBJE">{{cite web |url=https://www.britannica.com/place/Jamaica/Economy |title=Jamaica Economy |publisher=Britannica Encyclopedia |access-date=21 February 2019 |archive-url=https://web.archive.org/web/20190221113351/https://www.britannica.com/place/Jamaica/Economy |archive-date=21 February 2019 |url-status=live }}</ref> [[orange (fruit)|oranges]], [[lime (fruit)|limes]], [[grapefruit]],<ref>{{cite web |url=http://jamaica-gleaner.com/article/business/20170818/shortage-creates-price-surge-fresh-citrus |title=Shortage Creates Price Surge for Fresh Citrus |last=Collinder |first=Avia |date=18 August 2017 |publisher=Jamaica Gleaner newspaper |access-date=21 February 2019 |archive-url=https://web.archive.org/web/20190221112416/http://jamaica-gleaner.com/article/business/20170818/shortage-creates-price-surge-fresh-citrus |archive-date=21 February 2019 |url-status=live }}</ref> [[rum]], [[Yam (vegetable)|yams]], [[allspice]] (of which it is the world's largest and "most exceptional quality" exporter),<ref>{{cite journal |title=Medicinal Properties of the Jamaican Pepper Plant Pimenta dioica and Allspice |journal=Current Drug Targets |volume=13 |issue=14 |pages=1900–1906 |pmc=3891794 |year=2012 |last1=Zhang |first1=L. |last2=Lokeshwar |first2=B.L. |pmid=23140298 |doi=10.2174/138945012804545641}}</ref> and [[Blue Mountain Coffee]] which is considered a world renowned gourmet brand.<ref name="EBJH"/>

Jamaica has a wide variety of industrial and commercial activities. The [[aviation]] industry is able to perform most routine aircraft maintenance, except for heavy structural repairs. There is a considerable amount of technical support for transport and agricultural aviation. Jamaica has a considerable amount of [[industrial engineering]], [[light manufacturing]], including [[metal fabrication]], metal roofing, and furniture [[manufacturing]]. Food and [[beverage]] processing, [[glassware]] manufacturing, [[software]] and [[data processing]], [[printing]] and [[publishing]], [[insurance]] underwriting, [[music]] and recording, and advanced [[education]] activities can be found in the larger urban areas. The Jamaican [[construction industry]] is entirely self-sufficient, with professional technical standards and guidance.<ref>{{cite web |url=http://www.jamaica-gleaner.com/pages/history/story0070.htm |title=History of Aviation in Jamaica: Part I |publisher=Jamaica-gleaner.com |access-date=4 July 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090717101044/http://www.jamaica-gleaner.com/pages/history/story0070.htm |archive-date=17 July 2009}}</ref>

Since the first quarter of 2006, the economy of Jamaica has undergone a period of staunch growth. With inflation for the 2006 calendar year down to 6.0% and unemployment down to 8.9%, the nominal GDP grew by an unprecedented 2.9%.<ref>[http://www.statinja.com/ Statistical Institute of Jamaica<!-- bot-generated title -->] {{Webarchive|url=https://web.archive.org/web/20180417202235/https://www.statinja.com/ |date=17 April 2018 }} at www.statinja.com</ref> An investment programme in island transportation and utility infrastructure and gains in the tourism, mining, and service sectors all contributed this figure. All projections for 2007 show an even higher potential for economic growth with all estimates over 3.0% and hampered only by urban crime and public policies.{{citation needed|date=February 2019}} Jamaica was ranked 79th in the [[Global Innovation Index]] in 2024.<ref>{{Cite book |author=[[World Intellectual Property Organization]] |year=2024 |title=Global Innovation Index 2024: Unlocking the Promise of Social Entrepreneurship |url=https://www.wipo.int/web-publications/global-innovation-index-2024/en/ |access-date=2024-10-06 |website=www.wipo.int |page=18 |publisher=World Intellectual Property Organization |language=en |doi=10.34667/tind.50062 |isbn=978-92-805-3681-2}}</ref>

In 2006, Jamaica became part of the CARICOM Single Market and Economy [[CARICOM Single Market and Economy|(CSME)]] as one of the pioneering members.<ref>{{cite web |url=https://caricom.org/media-center/communications/press-releases/statement-prime-minister-dr-keith-rowley-on-csme |title=Statement – Prime Minister Dr Keith Rowley on CSME |publisher=CARICOM }}{{Dead link|date=January 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

The global economic downturn had a significant impact on the Jamaican economy for the years 2007 to 2009, resulting in negative economic growth. The government implemented a new Debt Management Initiative, the Jamaica Debt Exchange (JDX) on 14 January 2010. The initiative would see holders of Government of Jamaica (GOJ) bonds returning the high interest earning instruments for bonds with lower yields and longer maturities. The offer was taken up by over 95% of local financial institutions and was deemed a success by the government.<ref>{{cite web |url=https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Jamaica-Debt-Exchange-40043 |title=Jamaica Debt Exchange |publisher=IMF |access-date=22 February 2019 |archive-url=https://web.archive.org/web/20190222095221/https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Jamaica-Debt-Exchange-40043 |archive-date=22 February 2019 |url-status=live }}</ref>

Owing to the success of the JDX program, the Bruce Golding-led government was successful in entering into a borrowing arrangement with the IMF on 4 February 2010 for the amount of US$1.27b. The loan agreement is for a period of three years.<ref>{{cite web |url=http://jamaica-gleaner.com/gleaner/20100205/business/business1.html |title=Jamaica Gleaner News – IMF says yes – US$1.27b loan for Jamaica approved – US$950m fund for financial sector |publisher=Jamaica-gleaner.com |date=5 February 2010 |access-date=31 October 2011 |archive-url=https://web.archive.org/web/20111002000926/http://jamaica-gleaner.com/gleaner/20100205/business/business1.html |archive-date=2 October 2011 |url-status=live }}</ref>

In April 2014, the Governments of Jamaica and China signed the preliminary agreements for the first phase of the Jamaican Logistics Hub (JLH) – the initiative that aims to position Kingston as the fourth node in the global logistics chain, joining Rotterdam, Dubai and Singapore, and serving the Americas.<ref>{{cite news|url=https://www.reuters.com/article/jamaica-china-ports-idUSL1N0MT0WL20140401|title=Jamaica signs deal for China-built cargo shipping hub|work=Reuters|date=April 2014 |access-date=1 July 2017|archive-url=https://web.archive.org/web/20151016000540/http://www.reuters.com/article/2014/04/01/jamaica-china-ports-idUSL1N0MT0WL20140401|archive-date=16 October 2015|url-status=live}}</ref> The Project, when completed, is expected to provide many jobs for Jamaicans, Economic Zones for multinational companies<ref>{{cite web|url=http://jis.gov.jm/proposed-caymanas-economic-zone-one-16/|title=Proposed Caymanas Economic Zone To Be One of 16|work=[[Jamaica Information Service]] |access-date=12 April 2014|archive-url=https://web.archive.org/web/20191123044313/https://jis.gov.jm/proposed-caymanas-economic-zone-one-16/|archive-date=23 November 2019|url-status=live}}</ref> and much needed economic growth to alleviate the country's heavy [[debt-to-GDP ratio]]. Strict adherence to the IMF's refinancing programme and preparations for the JLH has favourably affected Jamaica's credit rating and outlook from the three biggest rating agencies. In 2018, both Moody's and Standard and Poor Credit ratings upgraded Jamaica's ratings to both "stable and positive" respectively.<ref>{{cite web |url=http://www.mof.gov.jm/mof-media/media-centre/press/2397-moody-s-investor-services-upgrades-jamaica-sovereign-rating-and-revises-outlook-from-positive-to-stable.html |title=Moody's Investor Services Upgrades Jamaica Sovereign Rating and Revises Outlook from Positive to Stable |publisher=Government of Jamaica (Ministry of Finance and Public Services) |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224062315/http://www.mof.gov.jm/mof-media/media-centre/press/2397-moody-s-investor-services-upgrades-jamaica-sovereign-rating-and-revises-outlook-from-positive-to-stable.html |archive-date=24 February 2019 |url-status=live }}</ref><ref>{{cite web |url=http://www.jamaicaobserver.com/latestnews/_Rating_agency_gives_positive_outlook_for_Jamaica?profile=1228 |title=Rating agency gives positive outlook for Jamaica |work=Jamaica Observer |access-date=23 February 2019 |archive-url=https://web.archive.org/web/20190224002040/http://www.jamaicaobserver.com/latestnews/_Rating_agency_gives_positive_outlook_for_Jamaica?profile=1228 |archive-date=24 February 2019 |url-status=live }}</ref>