The terminology of first-, second-, and third-world countries has been replaced with developed, developing and least-developed countries, of which Jamaica is classified as a developing country. The World Bank defines developing countries as those with a gross national income under $11,905 per capita per year.
The economy of Jamaica is mainly stimulated by three industries: tourism, mining and agriculture. Of these, the service industry of tourism controls half of the overall economic performance of the country. The global economic downturn between 2007 and 2009 negatively affected Jamaica's economy as well. Jamaica was required to enact a variety of debt control and loan programs, such as the government's Debt Management Initiative designed to readjust bonds in order to slow economic decline.