Business For Sale Jamaica | Business For Sale Listings
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Get to Know About Jamaica
Jamaica is an island located in the Caribbean Sea and the third-largest island of the Greater Antilles. It lies 145 km south of Cuba, and 191 km west of Hispaniola (Island constituting Haiti and the Dominican Republic). Jamaica is much smaller than Connecticut. The capital city is in Kingston.
Formerly inhabited by the indigenous Arawak and Taino people, Jamaica currently has African ancestry with substantial European, Indian, Chinese and Lebanese, and mixed-race minorities. The official language is English, with an estimated population of 2.9 million inhabitants.
As synonymous with other Caribbean compatriots, Jamaica’s economy is dependent on tourism as the main source of foreign revenue. Empirical reports estimate that over 1.3 million tourists visit the country every year with agricultural-processing, light manufacturing, chemical products, and mining forming half of the country’s economy. Doing business in Jamaica is looking favorable shortly as the GDP growth in 2019 estimated at 1.2 percent. Although Jamaica’s economy is relatively diverse, the industries lack investment and modernization coupled with challenges of maintaining fiscal discipline, debt payments while controlling crime and drug trade.
According to 2018 World Bank’s, the unemployment rates remained at 9.4 percent with some positivity in the coming years. Jamaica needs to continue implementing its structural reforms that will sustainably raise growth, reduce the cost of doing business, combat crime and corruption, and boost domestic industries to remain on the right track. Doing business in Jamaica remains considerably promising due to the favorable business environment.