Jamaica

Jamaica: strong, sustained growth, 1980–2024

Burdened for decades by public debt above 100% of GDP and slow growth, Jamaica carried out a sustained IMF-backed fiscal program from 2013 that cut debt substantially, while tourism, remittances, and bauxite/alumina remain its economic mainstays. Between 1980 and 2024, Jamaica's GDP per capita grew from $1,249 to $7,754 (current US$), a compound annual growth rate of 4.2% — strong, sustained growth. Annual GDP growth averaged 1.5% with a year-to-year standard deviation of 3.3 points, reflecting relatively stable macroeconomic conditions. Structurally, agriculture's share of the economy moved from 7.6% to 8.0% of GDP (a notable increase), while services rose from 57.2% to 60.0% of GDP, underscoring a shift toward a services-driven economy. On human development, life expectancy rose from 69.0 to 71.6 years, while tertiary school enrollment moved from 6.5% to 26.2%, while the urban population share grew from 47.2% to 58.9%.

What this growth cost: Growth was not without cost: per-capita CO2 emissions fell from 3.21 to 2.84 tonnes CO2e per person; income inequality (Gini index) narrowed from 43.2 to 39.9; the poverty headcount ratio fell from 13.8% to 1.4%.