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JAMAICA:- Background: Jamaica gained full
independence within the British Commonwealth in 1962. The Jamaican economy is heavily dependent on services, which now account for 60% of GDP. Jamaica country continues to derive most of its foreign exchange from
tourism, remittances, and bauxite/alumna. The global economic slowdown, particularly after the terrorist attacks in the US on 11 September 2001, stunted economic growth; the economy rebounded moderately in 2003-04, with
brisk tourist seasons. But Jamaica economy faces serious long-term problems: high interest rates; increased foreign competition; a pressured, sometimes sliding, exchange rate; a sizable merchandise trade deficit;
large-scale unemployment; and a growing internal debt, the result of Jamaican government bailouts to ailing sectors of the economy. The ratio of debt to GDP is close to 150% Inflation, previously a bright spot, is
expected to remain in the double digits. Uncertain economic conditions have led to increased civil unrest, including gang violence fuelled by the drug trade. In 2004, the government of Jamaica faced the difficult
prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem that is hampering economic growth. In Jamaica, Hurricane Ivan derailed
attempts at deficit control in September 2004, which required substantial government spending to repair the damage. Despite the hurricane in Jamaica, tourism looks set to enjoy solid growth for the foreseeable future.
HAPPY DAYS .
HAPPY DAYS FOR TOURIST IN JAMAICA
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