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Government Reports Economic Gains for Saint Lucia

Prime Minister Philip J. Pierre
Prime Minister, Philip J. Pierre

Government is reporting that the various mechanisms it has implemented continues to help shape fiscal policies that facilitate investment and accelerate job creation in the country.

Global financial monitoring agencies like the World Bank, ECLAC and the International Monetary Fund point to continued economic gains for Saint Lucia in 2024. They all project positive GDP growth.

According to a release from the Office of the Prime Minister [OPM], “This encouraging economic outlook means better paying jobs will open up for more Saint Lucians. More businesses will have the confidence to expand operations and hire more people.”

The OPM statement adds, Prime Minister Philip J. Pierre delivered consecutive years of double-digit GDP growth in 2022 and 2023. The national unemployment rate fell to 16.5 percent by the end of 2022, the lowest rate since 2013. But, there’s still work to be done.

It further states that, Prime Minister Pierre’s strategic business development policies “have unleashed the entrepreneurial spirit of our nation.” The government disbursed millions in grants and soft loans to hundreds of Saint Lucians who took advantage of the MSME Loan-Grant Facility and the Youth Economy Agency.

The Prime Minister’s management of the economy secured a BBB+ (Adequate) for Income and Economic Structure from the Caribbean Information and Credit Rating Services Limited (CariCRIS).

Under Prime Minister Pierre’s leadership, the Chamber of Commerce is reporting improved profitability for 2023. Foreign direct investment is set to exceed $2.5 billion.

The OPM release adds that the Pierre Administration continues to shape the fiscal policies that will create the enabling environment to facilitate investment, accelerate job creation and keep Saint Lucia on course for sustained economic growth.

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