Saint Lucia: The global financial monitoring agencies anticipate the positive GDP growth of the nation. The agencies such as the World Bank, ECLAC and the International Monetary Fund objectives to continue economic gains for Saint Lucia in the year 2024.
As per the sources, the economic outlook ensures better-paying jobs for the citizens of Saint Lucia. It will encourage more openings for new businesses and will provide them the confidence to expand operations and recruit more people.
Prime Minister of Saint Lucia Philip J. Pierre has delivered consecutive years of double-digit GDP growth in previous years, 2022 and 2023.
Notably, the year 2022 saw a decrease of 16.5% in the national unemployment rate, which is the lowest rate recorded since 2013, but there is still a need for improvement.
According to the strategic business development policies by PM Pierre, the entrepreneurial spirit of the nation has been set free. Moreover, the government has granted millions and given soft loans to hundreds of people in Saint Lucia. The locals availed the benefits of the MSME Loan-Grant Facility and the Youth Economy Agency.
Considerably, PM’s Management of the Economy secured a BBB+ (adequate) for Income and Economic Structure from the Caribbean Information and Credit Rating Services Limited (CariCRIS)
Reportedly, the Chamber of Commerce has seen an improvement in profits in the year 2023 under the leadership of Prime Minister Pierre. As per recent reports, foreign direct investment is set to exceed $2.5 billion.
The Administration of PM is continuously shaping fiscal policies. The administration is creating the appropriate environment to facilitate the investment and accelerate job creation, to keep Saint Lucia stable on course for sustained economic growth.
According to a press release from the Office of the Prime Minister, the Department of Finance recorded a growth rate of 3.2% for the year 2023 and projects a 5.2% real GDP growth for the year 2024.
