Jamaica's economy is a mixed system increasingly dominated by services, particularly tourism and finance. Since gaining independence in 1962, the country has experienced significant but uneven development. In the latter part of the 20th century, mining and manufacturing gained importance, while the export of agricultural commodities declined. The 1980s marked a shift towards economic liberalization, reducing the state's role and promoting private enterprise as the primary driver of growth. However, the 1990s financial crisis led to government bailouts for struggling industries and financial institutions.

 

Today, services, including tourism and finance, account for about half of Jamaica's GDP and employment. The country has capitalized on its natural beauty and climate to become a major tourist destination, attracting significant foreign investment, particularly from Spain and the United States. The tourism sector is a crucial source of foreign exchange, with popular destinations like Montego Bay and the Blue Mountains drawing visitors.

 

Trade is vital to Jamaica's economy, with aluminum and bauxite as principal exports. The United States is Jamaica's main trading partner, alongside Canada, Venezuela, and other countries. Despite challenges, Jamaica remains a participatory member of trade organizations like the Caribbean Community.