Unemployment at 14 percent in Saint Lucia – Office of the Prime Minister Gives Pierre Credit

The year 2023 was one of the best years for job creation in Saint Lucia in 16 years.

So said a press release from the Office of the Prime Minister (OPM), which credited Prime Minister Philip J Pierre for the island’s economic performance last year.

“Under the stewardship of Prime Minister Hon. Philip J. Pierre, last year’s hiring surge, significantly reduced the unemployment rate to a record low of 14% nationally!” stated the press release.

The quarterly unemployment rate in 2023 consistently reduced when compared to 2022.

The OPM noted that “Prime Minister Pierre’s leadership has inspired confidence in the local economy. His policies stimulate economic activity and connect ordinary Saint Lucians with new job opportunities.”

“Saint Lucia has seen consecutive declines in the unemployment rate every year since Prime Minister Pierre came into Office in July 2021.

• 21.9% 2021
• 16.5% 2022
• 14% 2023

“Under his leadership, the government was able to finalize numerous foreign investment projects – building on the economic momentum from 2022.,” the release stated.

Some of the development projects include:

• Global Ports Holdings Cruise Port Development
• Marriott Hotel
• Dreams & Zoetry
• Sandals La Toc (Expansion/Upgrade)
• Hyatt Hotel
• Cabot Residences
• Secrets Resort and Spa Saint Lucia
• Cas-en-Bas Beach Resort

As these development projects broke ground and got underway, more Saint Lucians gained employment in 2023.

“Small businesses are vital for our economic development, and the government, under the Prime Minister’s leadership, is investing heavily in the local Micro, Small and Medium Enterprise (MSME) sector. The Youth Economy Agency and MSME Loan-Grant Facility are breaking down barriers for our youth and local entrepreneurs by connecting them with resources, training, soft loans, and grants to fund their ideas and fuel their aspirations,” the release further stated

Local businesses are also benefitting from the encouraging economic comeback post-Covid. The Saint Lucia Chamber of Commerce, Industry and Agriculture has confirmed that its members hired more workers and reported increased profitability in 2023.

The release affirmed that the Prime Minister leads a Cabinet of Ministers and heads a government that will continue implementing the right mix of economic policies to attract foreign investment, stimulate wealth creation and encourage economic growth in the local economy to drive unemployment down into single digits.

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