10 World's Worst Economies

Jamaica

With heavy government debt and an economy dependent upon tourism and bauxite exports, Jamaica has struggled during the world financial crisis. The country’s per capita GDP is $5,600 2011 and GDP growth: is 1.5 percent. The inflation rate is at 7 percent.

Jamaica is a mixed economy with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism, and financial and insurance services. Tourism and mining are the leading earners of foreign exchange. Half the Jamaican economy relies on services, with half of its income coming from services such as tourism. An estimated 1.3 million foreign tourists visit Jamaica every year. 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 percent and unemployment down to 8.9 percent, the nominal GDP grew by an unprecedented 2.9 percent. 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 percent and hampered only by urban crime and public policies.