Caribbean Business Environment
TABLE OF CONTENTS
TOPIC PAGE
Executive Summary 3
Background 4
Economic Environment 5
Social Considerations 6 - 7
Political Considerations 7 - 8
The Industrial Relations Climate 8 - 9
The Current State of the Private Sector 9 -10
Technological and Infrastructural Capabilities 10 - 11
Conclusion 11
Appendix 12
Bibliography 12
EXECUTIVE SUMMARY
This report provides an analysis and evaluation of the factors that would affect the operations of a hotel that our company is interested in setting up in Jamaica. To effectively undertake this study, a PEST (Political, Economic, Sociocultural and Technological) analysis was carried out.
The PEST Analysis looked at Jamaica’s external business environment and examined the economic environment (including monetary and fiscal policies), social and political considerations, the industrial relations climate, current state of the private sector, technological and other infrastructural capabilities. All supporting data can be found in the appendix and bibliography.
Our report found the prospects for setting up a hotel in Jamaica to be quite challenging. The main areas of concern to us were:
• The high inflation rate • High interest rate • Government’s high spending reflected in the high debt-to GDP ratio • The alarming crime rate • Corruption • The global recession
Despite these negatives, we are optimistic that our hotel stands a good chance of survival given the fact that Jamaica is a prime tourist destination. With over three million visitors flocking to the country's shores every year our hotel stands a good chance of surviving and remaining viable once the correct business ideas are implemented, the economy rebounds from the global recession and both the external environment and investment climate remain attractive to investors.
BACKGROUND
Jamaica is the third largest island in the Caribbean, measuring
TOPIC PAGE
Executive Summary 3
Background 4
Economic Environment 5
Social Considerations 6 - 7
Political Considerations 7 - 8
The Industrial Relations Climate 8 - 9
The Current State of the Private Sector 9 -10
Technological and Infrastructural Capabilities 10 - 11
Conclusion 11
Appendix 12
Bibliography 12
EXECUTIVE SUMMARY
This report provides an analysis and evaluation of the factors that would affect the operations of a hotel that our company is interested in setting up in Jamaica. To effectively undertake this study, a PEST (Political, Economic, Sociocultural and Technological) analysis was carried out.
The PEST Analysis looked at Jamaica’s external business environment and examined the economic environment (including monetary and fiscal policies), social and political considerations, the industrial relations climate, current state of the private sector, technological and other infrastructural capabilities. All supporting data can be found in the appendix and bibliography.
Our report found the prospects for setting up a hotel in Jamaica to be quite challenging. The main areas of concern to us were:
• The high inflation rate • High interest rate • Government’s high spending reflected in the high debt-to GDP ratio • The alarming crime rate • Corruption • The global recession
Despite these negatives, we are optimistic that our hotel stands a good chance of survival given the fact that Jamaica is a prime tourist destination. With over three million visitors flocking to the country's shores every year our hotel stands a good chance of surviving and remaining viable once the correct business ideas are implemented, the economy rebounds from the global recession and both the external environment and investment climate remain attractive to investors.
BACKGROUND
Jamaica is the third largest island in the Caribbean, measuring