CM July and August 2023 digital

COUNTRY FOCUS
over 65. A population pyramid using 2020
data from the US Census Bureau suggests
that the profile has changed somewhat
with a bulge that now tops out at age 22,
narrows markedly between 22 and 44, but
then expands again – albeit to a lesser
extent – between 44 and 60.
Indeed, the Planning Institute
of Jamaica’s Review of Economic
Performance, October–December 2022,
acknowledged the country’s aging
population. It said that the population
will become ‘…top heavy, the elderly
population (that is, 65+) will double (by
2050), the working age group (that is
15-64 years) will be declining and the
child population (under 15 years) will be
stabilising at much lower levels. This shift
is expected to temper the pace of growth
and create additional health expenditure.’
Ethnically, a 2011 estimate suggests that
92.1 percent of the population are black,
6.1 percent are mixed, 0.8 percent Indian,
0.4 percent other and unspecified are 0.7
percent. English is the official language of
Jamaica.
As for religious beliefs, Jamaica is
not that diverse with 64.8 percent being
Protestant, 2.2 percent Roman Catholic,
1.9 percent Jehovah's Witness, 1.1 percent
Rastafarian, 6.5 percent other, 21.3
percent none, and 2.3 percent unspecified
(2011 estimate – CIA). However, it should
be noted that of the Protestant faith the
estimate records 11 ‘sub-faiths’.
In terms of settlements, the 2011 census
showed that there are three cities – the
capital Kingston with 584,627 residents,
Portmore with 182,153 and Montego Bay
with 110,115. Then there are 13 key towns
of which Spanish Town was the largest
with 147,152 followed by May Pen with
61,548, and Mandeville with 49,695. Ten
others range in number from 10,423 and
28,912.
Below these settlements are 125 towns
and villages, the vast majority have 5,000
or fewer inhabitants.
According to theglobaleconomy.com,
43.35 percent of the population – as borne
out by the figures above – are rural (2021).
Typically, these people are poorer.
The economy
Jamaica’s economy is not the largest but
given the size of the country that’s not
surprising. 2021 data from the World Bank
states that it’s GDP stood at $14.66bn.
However, the stated GDP doesn’t tell the
full story as there’s a sizable informal
economy which the International Labour
Organisation (ILO) reckoned in 2015 was
worth around 45-50 percent of the overall
economy and 34.2 – 42.6 percent in 2021.
Notably, the World Bank, in an April
AUTHOR – Adam Bernstein
“Tourism and
agriculture, which
account for more
than a third of
available jobs, are
vulnerable to shocks
and there’s a need
to address money
laundering and
stronger financial
supervision.”
2023 report, said that ‘improved fiscal
discipline allowed the country to weather
the impact of recent overlapping crises,
including the COVID-19 pandemic and
tightening global financial conditions.’
It added that ‘the public debt to gross
domestic product ratio increased by 15
percentage points to 110 percent of GDP
in FY2020/21 but has since declined
to 85 percent of GDP and is expected
to gradually fall below 70 percent over
the medium term.... Jamaica maintained
its highest credit rating in 20 years from
Standard & Poor’s (B+) and in 14 years
Brave | Curious | Resilient / www.cicm.com /July & August 2023 / PAGE 35
Jamaica
from Fitch (B+).’
At this point it should be said that
Jamaica is vulnerable to external
influences given its reliance on imported
essentials and external financing.
Tourism and agriculture, which account
for more than a third of available jobs, are
vulnerable to shocks and there’s a need to
address money laundering and stronger
financial supervision.
Indeed, the World Bank in May
2022 noted that Jamaica faces several
infrastructure constraints including
poor road connectivity, high energy
continues on page 22
continues on page 36 >