Jamaica: Economic globalization

The latest value from 2023 is 61 points, an increase from 57.3 points in 2022. In comparison, the world average is 59.17 points, based on data from 184 countries. Historically, the average for Jamaica from 1970 to 2023 is 56.45 points. The minimum value, 42.81 points, was reached in 1977 while the maximum of 69.94 points was recorded in 2008. See the global rankings for that indicator or use the country comparator to compare trends over time.

The KOF Economic Globalization Index for Jamaica and other countries has two dimensions. First, it measures the economic flows between Jamaica and the rest of the world in terms of international trade and international investment. The question is whether Jamaica exchanges a lot of goods, services, and investments with other countries. Second, it measures the restrictions to trade and investment such as tariffs and capital controls on international investment. Each dimension is based on several variables that are combined in one overall index that ranges from 0 to 100.

Definition: Economic globalization has two dimensions: actual economic flows and restrictions to trade and capital. The sub-index on actual economic flows includes data on trade, FDI, and portfolio investment. The sub-index on restrictions takes into account hidden import barriers, mean tariff rates, taxes on international trade (as a share of current revenue), and an index of capital controls. More information and the original data can be obtained here.