The Jamaican economy depends heavily on its Service Industry

The Jamaican economy depends heavily on its Service...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
The Jamaican economy depends heavily on its Service Industry, which accounts for 70% of its GDP. The main support of its Service Industry comes from globalization. As one of the most popular tourist attraction in the world, Jamaica attracts thousands of travelers, mainly from North America. With the increasingly advanced technologies, traveling is much easier than before and that allowed more people to enjoy their vacations in Jamaica because now they can get there faster (eg. Before globalization and the advanced technologies, most people could only take cruises to Jamaica, but now with airplanes, Torontonians can get there in about 6 hours of flying). The large amount of travelers created a great chance for the Jamaican economy to grow at a faster rate because the amount of consumption in Jamaica by the tourists will create jobs opportunities such as taxi drivers; it will promote the construction of hotels and restaurants, and in turn drives the economic growth.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/11/2012 for the course ECONOMICS 1010 taught by Professor Aandan during the Spring '10 term at York University.

Ask a homework question - tutors are online