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JAMAICA Tenders




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Capital Kingston
ISO 3166 Code JM
Population 2,717,991
Area, Sq KM 10,990
Currency Jamaican Dollar
Official Language English
GDP, Billion USD 14,840
GDP Growth Rate, % 1.1
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 14.9
Exchange Rate, 1 USD Equals 116.21
International dial code 876
Time Zone GMT-05:00
Internet TLD .jm

Jamaica is an island country that is located in the Caribbean Sea and comprises the third-largest island of the Greater Antilles. The island is 10,990 square kilometers in area and lies about 191 kilometers west of Hispaniola, 145 kilometers south of Cuba.Hispaniola is an island that contains the nation-states of Dominican Republic and Haiti. Jamaica is considered to be the fifth-largest island country in the Caribbean. Jamaica was once a Spanish possession and was known as Santiago and in the year 1655 the country came under the influence and rule of England. It was then called Jamaica. The country got its full independence from the United Kingdom in the year 1962.The population of Jamaica is 2.8 million people and is known to be the third most populous Anglophone country in the Americas. Kingston is the capital of Jamaica and is also the largest city of the country which hasa population of 937,700.Queen Elizabeth II is the monarch and the head of the state in Jamaica and the country is also a commonwealth realm. The queen’s appointed representative of the country is the Governor-General. Jamaica is a parliamentary constitutional monarchy and also has legislative power vested in the bicameral Parliament which comprises of a directly elected House of Representatives and an appointed Senate. Jamaica has a mixed economy with both private sector businesses and state enterprises. Major sectors of economy in this country include mining, agriculture, tourism and manufacturing, along with insurance and financial services. Mining and Tourism are the two leading earners of foreign exchange in this country. Half of its economy relies on services and half of its income comes from services like tourism. Approximately, 1.3 million foreign tourists come to this country every year. Since the 1980’s Jamaica has implemented structural reforms that aimed at fostering private sector activity along with increasing the role that market forces play in the resource allocation. This was made possible by the support of multilateral financial institutions. Since the year 1991, the government has been following a program of economic stabilization and liberalization by cutting tariffs, removing exchange controls, stabilizing the currency of the country, floating the exchange rate, removing restrictions on all the foreign investments and finally reducing inflation. The government focusses on maintaining market liberalization, a strict fiscal discipline, greater openness to trade and financial flows along with the reduction in the size of government.

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