A large concern for the Jamaican government is the fact that it is so dependent on the United States in terms of its economy. The good news is that the current state of the US economy has not harmed Jamaica, as the country posts significantly high returns in stock markets and other markets.
One section of the Jamaican economy that could be shaken is that of the artistes that do well in most areas of the US market. According to Robert Livingston of Big Yard Music, as reported by Jamaican Gleaner, "The US is the prime market for everyone. Fifty per cent of what Jamaican artistes do is geared to the US market. The other 50 per cent is geared to Europe and Japan. If their economy is bad it will affect us."
Yet this has not been too evident as of yet. Stocks here gain and the market volume continues to be impressive. The housing market in Jamaica is strong. One particular area where there is substantial benefit is that of the tourism industry. Many in Latin America are warned that a slowdown in European and US economies could cause tourism here to slow as well.
Jamaica is hosting a Tourism Outlook Seminar on Wednesday in the hopes of revving up the tourism industry here (a large portion of the country's economy is based in the tourism sector.)
According to Ed Bartlett, the Jamaican tourism minister, as reported by the Jamaica Observer, "We have sought to bring Jamaica, for the first time, some of the leading players in the industry covering the technical and information areas, air transport, cruise tourism, as well as the regional marketing and management within the industry."
The seminar will talk about potential property development, ongoing infrastructure planning and other considerations for developing an even larger draw on the global tourism market.
