Positive GDP Growth Projected for Saint Lucia

Positive GDP Growth Projected for Saint Lucia

The Prime Minister’s Office is reporting that Global financial monitoring agencies like the World Bank, ECLAC and the International Monetary Fund are projecting continued economic gains for Saint Lucia in 2024!

The OPM says 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.

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

The OPM says Prime Minister Pierre’s strategic business development policies have unleashed the entrepreneurial spirit of the 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.

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