Jamaica Quick Facts
Population: 2.8 million
GDP: 25.2 billion
GDP Growth Percentage: 0.5% growth
GDP Per Capita: $9,048
Foreign Direct Investment: $567.1 million
The Jamaican Legal system is based off of British common law. It happens to be one of the main three types of legal systems in the world.
Jamaica does very well in competitive markets with its apparel market and food and beverage market.
Limits on Government Regulation
Jamaica has a lot of import regulations imposed by the government. Some that I found interesting include: Cats or Dogs, all species of birds, meat and plant products, their local currency and anything made from animal fur.
An Efficient Capital Market
Jamaica is working on structuring its capital market. Local companies have been looking for cheaper financing. Capital market space offers more alternatives to bank debt.
Jamaica has their own currency. They have what is known as the Jamaican Dollar. It would take 115.508 Jamaican dollars to equal one American Dollar.
Low Tax Rates
Jamaica has an issue with low tax rates. Sales tax is 16.50%. This is over twice as much as Michigan's tax rate. It also has a lot of variation which is never good.
Jamaica has excusive free trade zones. It is designed to encourage foreign trade and stimulate economy.
PSOJ: Hope for Jamaica's economy
Jamaica's economy is ran mostly on tourism, however they are finding new ways and trying to think of other plans to boost Jamaica's economy.