Jamaica is the #1 Caribbean country to do business

Jamaica has been ranked the best country in the Caribbean to do business for the fourth consecutive year and 10th in Latin America, according to the 2019 Forbes Best Countries for Business Report.  

The report which is published annually by Forbes, a prestigious international business magazine, further highlights that Jamaica is now ranked 6th globally for Red Tape, ahead of 156 other nations including the United Kingdom (ranked #1 overall) and the United States of America. 

Jamaica has also attained satisfactory rankings for other factors, even amidst a dip in its overall place from 72 to 80. Notwithstanding this eighth-place decline, the country continues to improve in its performance score for various indices. Diane Edwards, President of Jamaica Promotion Corporation (JAMPRO), stated that "Jamaica welcomes the Forbes Best Countries for Business Report, as it reveals our improved scores in a variety of the individual metrics." She added that "the overall fall in our ranking should not be viewed as a lack of improvement, but instead can be attributed to the fact that our pace of improvement is not as fast as other countries."  

The Forbes report also highlighted that Jamaica has seen substantial improvement in Corruption, ahead of more than half of the countries that were evaluated.

The well-respected report also states that "Jamaica has made steady progress in reducing its debt-to-GDP ratio from a high of almost 150% in 2012 to less than 110% in 2017, in close collaboration with the International Monetary Fund (IMF)". Most recent debt-to-GDP figure stands at 101%. The country also improved its performance in Innovation and Monetary Freedom while maintaining its Investor Protection score from 2017.    

When it comes on to property rights and personal freedom, Jamaica is ahead of approximately 70% of the countries featured in this year's report. The nation was ranked 91 for Technology, however, as it pertains to tax burden and trade freedom, was ranked 103 and 116 respectively.  

The National Competitiveness Council continues to accelerate its effort to improve Jamaica's business competitiveness. Currently, the "Getting to Top 10" Initiative geared at implementing business reforms across the Government is being aggressively undertaken.   

Jamaica continues to outrank its Caribbean competitors according to the Forbes Best Countries for Business Report. This year, Trinidad and Tobago placed 85 overall, Barbados 89 and Dominican Republic 91.  

The Jamaican Government, Private Sector and other key partners remain committed to positioning the country as the premiere destination to do business, in keeping with the overarching goal of Vision 2030.  

The Jamaica Promotions Corporation’s (JAMPRO) mission is to drive economic development through growth in investment and export. JAMPRO is an Agency of the Ministry of Industry, Commerce, Agriculture and Fisheries. 

Source: 
JAMPRO
Published Date: 
Thursday, January 31, 2019
Show on Homepage: 
Yes