7-1 final submission
Senitareynolds
JAMAICACOUNTRYANALYSIS.pptxJAMAICA COUNTRY ANALYSIS
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Introduction: Jamaica
This was the first country I visited ever out of US and had a good experience
Jamaica is part of the north American continent located in the Caribbean sea (CIA, 2021)
Jamaica is an island
Bordering countries include Columbia, Cayman islands, Haiti, Cuba, Puerto Ricco, Dominican republic and Hispaniola
Floods and landslides are the most occurring natural hazards
Throughout the year the climate is tropical
Hello everyone and welcome to toady's presentation which focus on providing an analysis of Jamaica as a country. The reason for selecting this county is because This was the first country I visited ever out of US and had a good experience. Jamaica is part of the north American continent located in the Caribbean sea
Jamaica is an island. Bordering countries include Columbia, Cayman islands, Haiti, Cuba, Puerto Ricco, Dominican republic and Hispaniola
Floods and landslides are the most occurring natural hazards. Throughout the year the climate is tropical
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Sociocultural environment
The literacy rate stands at 88.1%
The urbanization rate is 55.99%
Heavily populated cities include Kingston 93700, Spanish town 145018, and Portmore at 120861
Major religion- The protestant constitutes of 65%, the Roman Catholic about 3%, the Jehovah witness 2% and the Rastafarian about 1%
Data for education- the expenditure for education accounts for about 8% for the GDP
Age Structure- 0-14 ( 28%), 15-24 ( 21%) 25-54 ( 38%), 55-64 ( 6%) and above 65 (8%) (World Atlas, 2021) (CIA, 2021)
The literacy rate stands at 88.1%. The urbanization rate is 55.99%. Heavily populated cities include Kingston 93700, Spanish town 145018, and Portmore at 120861
Major religion- The protestant constitutes of 65%, the Roman Catholic about 3%, the Jehovah witness 2% and the Rastafarian about 1%
Data for education- the expenditure for education accounts for about 8% for the GDP
Age Structure- 0-14 ( 28%), 15-24 ( 21%) 25-54 ( 38%), 55-64 ( 6%) and above 65 (8%) (World Atlas, 2021)
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Sociocultural environment
The culture of Jamaica is influenced by British traditions
Languages spoken include English and Jamaican patois
Handshake is the most common form of greeting with a smile and eye contact
Gifts are not usually offered after the first meeting
Jamaicans expect individuals to be punctual although they may fail arriving on time (Wynter & Oats, 2018)
Business attire includes suits, khakis and golf shorts for men while women wear suits or dresses Before meeting appointments ought to be scheduled and confirmed via telephone prior to the meeting
The culture of Jamaica is influenced by British traditions. Languages spoken include English and Jamaican patois with English being the official language.
Handshake is the most common form of greeting with a smile and eye contact. Gifts are not usually offered after the first meeting but may be offered after closing a deal
Jamaicans expect individuals to be punctual although they may fail arriving on time. Business attire includes suits, khakis and golf shorts for men while women wear suits or dresses Before meeting appointments ought to be scheduled and confirmed via telephone prior to the meeting
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Political and legal environment
The system of government is democratic, parliamentary and upholds constitutional monarchy
Key Political leaders are the monarch Queen Elizabeth II, Governor general Patrick Allen, prime minster Andrew Holiness and leader of opposition Peter Phillips
Political pressure groups include Rastafarians and new Beginnings movement (NBM) (Robinson-Walcott, 2019)
Corruption perception index score is 44 out of 100 and ranked 69th out of 180 countries assessed
The minimum wage is JMD 7000 per week
Employees are eligible for 10 days of paid sick leave and 56 days of paid maternity leave
The sales tax rate is 16.5%
Simple average tariff stands at 10.28 and weighted average tariff is 10.84
Labels should be in English, contents declared. Date of minimum durability and description of ingredients
The system of government is democratic, parliamentary and upholds constitutional monarchy. Key Political leaders are the monarch Queen Elizabeth II, Governor general Patrick Allen, prime minster Andrew Holiness and leader of opposition Peter Phillips. Political pressure groups include Rastafarians and new Beginnings movement (NBM)
Corruption perception index score is 44 out of 100 and ranked 69th out of 180 countries assessed. The minimum wage is JMD 7000 per week. Employees are eligible for 10 days of paid sick leave and 56 days of paid maternity leave . The sales tax rate is 16.5%. Simple average tariff stands at 10.28 and weighted average tariff is 10.84
Labels should be in English, contents declared. Date of minimum durability and description of ingredients
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Economic infrastructural environment
Average interest rate is 11.3%, unemployment rate 12.60%, inflation 3.91%
Exchange rate 1 Jamaican dollar equals $ 0.0068
GDP stands at $ 16.46 billion
Labor force participation rate stands at 34.15%
Major industries include tourism, manufacturing, food processing bauxite alumina and telecommunications
FDI rates stands at $0.67 billion
Major trading partners include USA, china, japan Tobago and Trinidad
Major exports include crude materials food, mineral fuels tobacco and beverages
Major imports include machinery mineral fuels, food and chemicals
Regional trade agreements include CARICOM comprised of countries from the Caribbean
Average interest rate is 11.3%, unemployment rate 12.60%, inflation 3.91%. Exchange rate 1 Jamaican dollar equals $ 0.0068 . GDP stands at $ 16.46 billion
Labor force participation rate stands at 34.15%. Major industries include tourism, manufacturing, food processing bauxite alumina and telecommunications
FDI rates stands at $0.67 billion. Major trading partners include USA, china, japan Tobago and Trinidad. Major exports include crude materials food, mineral fuels tobacco and beverages. Major imports include machinery mineral fuels, food and chemicals . Regional trade agreements include CARICOM comprised of countries from the Caribbean
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Economic infrastructural environment
Major airports include “Sangster International Airport in Montego Bay, Norman Manley International Airport in Kingston, Jamaica's capital city, and the Ian Fleming International Airport in picturesque Ocho Rios”
Major sea ports include “Montego Bay, Ocho Rios, Falmouth, Port Antonio, and Kingston”
Jamaica has 8 railway station with the Major railway station being Kingston railway station
55.1% of the population make use of the internet
Two major mobile providers which include Dicel Jamaica and Flow (Robinson-Walcott, 2019)
Logistics performance index rating stands at 2.37
Major airports include “Sangster International Airport in Montego Bay, Norman Manley International Airport in Kingston, Jamaica's capital city, and the Ian Fleming International Airport in picturesque Ocho Rios” Major sea ports include “Montego Bay, Ocho Rios, Falmouth, Port Antonio, and Kingston”. Jamaica has 8 railway station with the Major railway station being Kingston railway station. 55.1% of the population make use of the internet. Two major mobile providers which include Dicel Jamaica and Flow. Logistics performance index rating stands at 2.37
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Economic infrastructural environment
Ease of doing business in the country rank 71 out of 190
The economy is projected to expand at 3.9% for the ear 2021
The economy is projected to grow by 3.0% in 2022
Telecommunication barrier include poor infrastructure coverage, high cost of services (Haughton, 2017)
Ease of doing business in the country rank 71 out of 190
The economy is projected to expand at 3.9% for the ear 2021
The economy is projected to grow by 3.0% in 2022
Telecommunication barrier include poor infrastructure coverage, high cost of services
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Final recommendations
I would recommend direct export as the country as the mode of entry to Jamaica
Exports may include machinery, food items and mineral fuels
It is crucial understand the culture of Jamaica in order to succeed in the country
Some of the cultural issues to consider include;
language (English)
business is hierarchical
bargaining is customary
Appointments ought to be set before meetings
While, marketing it crucial to come out as polite and respectful
When employing people the minimum wage is JMD 7000
In concluding this presentation here are my final recommendations. I would recommend direct export to the country as the mode of entry to Jamaica
Exports may include machinery, food items and mineral fuels
It is crucial understand the culture of Jamaica in order to succeed in the country
Some of the cultural issues to consider include;
language (English)
business is hierarchical
bargaining is customary
Appointments ought to be set before meetings
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References
CIA. (2021, March 11). The World Factbook - The World Factbook. Www.cia.gov. https://www.cia.gov/the-world-factbook/
Haughton, A. (2017). Foreign Currency Flows and the Jamaican Economy. Developing Sustainable Balance of Payments in Small Countries, 1–12. https://doi.org/10.1007/978-3-319-53031-4_1
Jamaica. (2017). World Bank. https://www.worldbank.org/en/country/jamaica
Robinson-Walcott, K. (2019). “Black Man Time Now.” Small Axe: A Caribbean Journal of Criticism, 23(1), 77–96. https://doi.org/10.1215/07990537-7374466
WTO | Jamaica - Member information. (n.d.). Www.wto.org. Retrieved April 8, 2021, from https://www.wto.org/english/thewto_e/countries_e/jamaica_e.htm
Wynter, C. B., & Oats, L. (2018). Don’t worry, we are not after you! Anancy culture and tax enforcement in Jamaica. Critical Perspectives on Accounting, 57, 56–69. https://doi.org/10.1016/j.cpa.2018.01.004
