Jamaica's Forbes rankings drop

Monday, December 31, 2018

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Jamaica's ranking on the Forbes best countries for Business 2018 report has declined.

Last year Jamaica was ranked 72 out of 153, however the latest report sees Jamaica at 80 out of 161 countries.

The report further states that the country's economy is heavily dependent on services which account for 70 per cent of GDP, while most of its foreign exchange is derived from tourism, remittances, and bauxite/alumina.

Earnings from remittances and tourism each account for 14 per cent and 20 per cent GDP, respectively, while bauxite/alumina exports have declined to less than 5 per cent of GDP.

Although Jamaica's economy has grown on average less than 1 per cent for the last three decades, Forbes reports that the island has made steady progress in reducing its debt-to-GDP ratio from a high of almost 150 per cent in 2012 to less than 110 per cent in 2017, in collaboration with the International Monetary Fund.

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