Bright Horizons: Navigating Tourism's Growth Revival
Tourism in Jamaica is the leading source of foreign exchange, a significant
GDP contributor, and a long-standing, rapidly growing industry
First Capital
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Tourism has been a strong pillar in Jamaica for its unique culture, beaches and the people, and has been contributing largely to the country's economic
development. Tourism directly employs 175,000 Jamaicans and generates indirect employment for another 354,000 Jamaicans. Overall, the tourism sector
has grown by 36% over the past 30 years against a total economic growth of 10%.
Debt to GDP
Debt to GDP and Economic Growth (%)
Contribution
120%
GDP growth
6%
3
4%
100%
2%
80%
0%
-2%
60%
-4%
40%
-6%
-8%
20%
-10%
0%
-12%
2017
2018
2020
2021
2022
Debt to GDP
GDP growth
ITNII HM
2019
15.0%
10.0%
5.0%
0.0%
2019
2020
2021
2022
Tourism contribution to GDP
2.5
2
Arrivals Mn Tourist Arrivals vs Tourism contribution to GDP
to GDP
35.0%
30.0%
25.0%
20.0%
1.5
1
0.5
0
2017
2018
Tourist arrivals (Mn)
.
Jamaica faced its biggest financial crisis as income started to plateau in 1990 and a further setback following the 2008 global financial crisis.
⚫ The country faced its biggest recession followed by policy missteps, high public debt, emigration and brain drain. Hence by 2013 Jamaica's public debt reached 147% to GDP.
The government then requested bailouts from the IMF under the EFF 2013 and a stand by arrangement in 2016 totalling SDR 2.6Bn as the country was in the verge of an economic
meltdown.
Source: UNTWO, IMF
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