Country Risk Rating

C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high. - Source: Coface
A1A2A3A4BCDEVery Low RiskAcceptable RiskVery High Risk

Business Climate Rating

A4
The business environment is acceptable. Corporate financial information is sometimes neither readily available nor sufficiently reliable. Debt collection is not always efficient and the institutional framework has shortcomings. Intercompany transactions may thus run into appreciable difficulties in the acceptable but occasionally unstable environments rated A4.
A1A2A3A4BCDEVery Low RiskAcceptable RiskVery High Risk

Strengths

  • Natural resources (bauxite, sugar, bananas, coffee) and tourism
  • Financial support from multilateral organisations
  • Strategic geographic location
  • Significant diaspora remittances
  • Stable democratic environment

Weaknesses

  • Poorly diversified economy and high dependence on tourism
  • Vulnerability to external shocks (climate, U.S. economic situation, raw materials)
  • High public debt
  • High levels of corruption, criminality, and largely unskilled labour which affect the attractiveness of the business climate
  • One of the slowest economies in Latin America and the Caribbean (concentration in low-productivity services, pervasive crime, limited introduction of innovation and technology)

Current Trends

Source:

Coface (03/2024)
Jamaica