d of sluggish growth, will suffer an economic setback
from damages caused by Hurricane Dean in August 2007. The economy
faces serious long-term problems: high but declining interest rates,
increased foreign competition, exchange rate instability, a sizable
merchandise trade deficit, large-scale unemployment and
underemployment, and a debt-to-GDP ratio of 135%. Jamaica's onerous
debt burden - the fourth highest per capita - is the result of
government bailouts to ailing sectors of the economy, most notably
the financial sector in the mid-to-late 1990s. Inflation also has
declined, standing at about 7% at the end of 2007. High unemployment
exacerbates the serious crime problem, including gang violence that
is fueled by the drug trade. The GOLDING administration faces the
difficult prospect of having to achieve fiscal discipline in order
to maintain debt payments while simultaneously attacking a serious
and growing crime problem that is hampering economic growth.

Jan Mayen
Jan Mayen is a volcanic island with no exploitable natural
resources. Economic activity is limited to providing services for
employees of Norway's radio and meteorological stations on the
island.

Japan
Government-industry cooperation, a strong work ethic, mastery
of high technology, and a comparatively small defense allocation (1%
of GDP) helped Japan advance with extraordinary rapidity to the rank
of second most technologically powerful economy in the world after
the US and the third-largest economy in the world after the US and
China, measured on a purchasing power parity (PPP) basis. One
notable characteristic of the economy has been how manufacturers,
suppliers, and distributors have worked together in closely-knit
groups called keiretsu. A second basic feature has been the
guarantee of lifetime employment for a substantial portion of the
urban labor force. Both features have now eroded. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. The
tiny agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. Usually self sufficient
in rice, Japan must import about 55% of its food on a caloric basis.
Japan maintains one of the world's largest fishing fleets and
accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in
the 196