Jamaica
Inflation: 12.6 %
Unemployment: 12.9%
GDP: $23.7 Billion
Per Capita GDP: $8,727
GDP Growth: -1.1%
Inflation: 12.6 %
Unemployment: 12.9%
GDP: $23.7 Billion
Per Capita GDP: $8,727
GDP Growth: -1.1%
The Bahamas
Inflation: 1.7% Unemployment: 7.6% GDP: $8.9 Billion Per Capita GDP: $25,895 GDP Growth: 0.5% |
Costa Rica
Inflation: 5.7% Unemployment: 7.3% GDP: $51.2 Billion Per Capita GDP: $11,216 GDP Growth: 4.2% |
Albania
Inflation: 3.6% Unemployment: 13.5% GDP: $23.9 Billion Per Capita GDP: $7,453 GDP Growth: 3.5% |
Australia
Inflation: 2.8% Unemployment: 5.2% GDP: $882.4 Billion Per Capita GDP: $39,699 GDP Growth: 2.7% |
Madagascar
Inflation: 9.0% Unemployment: N/A GDP: $19.4 Billion Per Capita GDP: $911 GDP Growth: -2.0% |
Chart 1.1
Source: Heritage.org
Source: Heritage.org
INFLATION:
Referring to the Chart 1.1, the inflation rate is at a 12.6%, meaning that the price level over the previous year has grown 12.6%. Is the inflation a concern for Jamaica? Well, according to AmosWeb inflation that varies frequently year to year is to be concerned because it is hard to plan for long term goals such as, prices, wages, and even interest rates. As you can see in Graph 1.1 the inflation rate for Jamaica shows a variation of increasing and decreasing in inflation. Though toward the end of the 2000's there is no sign of a rapid increase or decrease in inflation. In 2009 the inflation rate is approximately 7%, while in 2010 it is about 13%, now in 2012 it is at a 12.6%. Seeing this trend in inflation, well- a predictable inflation rate makes it easier to plan for pricing of goods, and essentially plan for the future. Madagascar, is a country [that shares the same geographical format, of being an 'island' and having no border countries] with similar inflation of 9.0%.
UNEMPLOYMENT:
Jamaica is ranked 134/ 201 for unemployment. Between men and women, women are the most affected by unemployment. The unemployment rate(youth ages 15-24) of Jamaica is 27.1%, of that 33.1% are female, and 22.5% are male. Albania, which shares the same country ranking has an unemployment rate if 13.5%, on the other hand Costa Rica, who shares the same country ranking as Jamaica and Albania has a unemployment of 7.3%. In Jamaica the unemployment may effect the women more than the men because of the type of labor in Jamaica. Women are typically the head of the house, taking care of house duties, and lean their dependence on the man. Also, there is a high gender segregation in the work force in Jamaica and women in the working industry can be seen as crowding the work force.
REAL GDP & PER CAPITA REAL GDP
As you can see in Chart 1.1, Jamaica's GDP is $23.7 billion with a per capita GDP of $8,727, similar Albania, who shares the same country ranking has a GDP of $23.9 billion, and a per capita GDP of $7,453. The Gross Domestic Product is a way to measures a country's health. A healthy country, in result will show low unemployment. The Bahamas, that shares a similar geographical format in the sense that they do not have neighboring countries, and are considered "islands" has a GDP of $8.9 billion, and a per capita rate GDP of $25,895. Madagascar (being compared for the same reason) has a GDP of $19.4 billion and a per capita GDP of $911. One of the many factors that make up GDP is exporting, which is why I choose similar geographical formats of Jamaica to compare, because those countries share something in common: exporting goods. Jamaica's GDP is considered to have a high GDP. A factor may be because of it's natural resources, such as limestone. Limestone helps in the production of cerement, roads and paint for the country.
The per capita helps monitor the economic growth of a country. It gives a trend for a certain time frame, and from that trend we can see if the standard living for that particular country is improving or not. For Jamaica, their per capita is $8,727. With this number we see that the average standard of living of the individual members of Jamaica's population is $8,727.
The per capita helps monitor the economic growth of a country. It gives a trend for a certain time frame, and from that trend we can see if the standard living for that particular country is improving or not. For Jamaica, their per capita is $8,727. With this number we see that the average standard of living of the individual members of Jamaica's population is $8,727.
ECONOMIC GROWTH
The economic growth for Jamaica is -1.1%. Meaning, that there was a decrease in the country's GDP by 1.1 percent. This could be a harmful factor is it was a trend within the years because it shows a sign of depression or even a recession. Compared to The Bahamas, who has 0.5% and Madagascar whom has a -2.0% gdp growth. The Bahamas has a slight growth of their GDP, which Madagascar's GDP has declined by a 2.0%.
CAUSE FOR CONCERN:
I see that the GDP is an area for a concern, because unemployment, inflation and the growth of the GDP are affected by this measurement. If the GDP growth were to decline any more than it is, and continue to decline, Jamaica can be in jeopardy of a recession or depression for their country. The GDP can affect the employment for the country because it sets a means for what labor is going to be stronger than other in the country, and could potentially cause more unemployment. Inflation because the level of inflation could increase because it would be hard to predict whether the country's products should be set higher or lower to help in the employment of Jamaican citizens.