PM Philip J. Pierre’s new year address says economy boost is projected for 2024

Saint Lucia: Prime Minister of the country, Philip J. Pierre, delivered a New Year’s address on January 7, 2024, to wish the blessings of good health, peace, love, happiness and prosperity to the population of the region for 2024.

In the address, the Prime Minister mentioned that as the festive season ends, the beginning of the new year gives all the reasons for moments of reflection, resolution and renewal. Also, added that the strength of working together as one nation and one person with a common purpose would lead towards the sustainable development of the country.

“Let us resolve in 2024 to reach out to each other with a greater sense of charity, love, understanding and friendship,” said the PM.

Further, he added some of the features of 2023 by referring to it as a ‘good year for the country’, connecting it with the stabilized economic position of the country post-pandemic. Additionally, when comparing the period from 2021 to 2023 with the 2018 to 2020 session, the records revealed positive growth as the economy followed the downward trend in the later session.

Moreover, Prime Minister, Philip J. Pierre shed light on the implementation of a set of policies which directly benefited the significant count of citizens. The Government also availed strengthened social support, educational opportunities, health care services, and finance for the business to the needy people.

All such provisions by the authorities to the citizens of the country provided a very fruitful result by creating a positive environment to stimulate expansion in the productive sectors, especially tourism.

“We are optimistic about the continued growth prospects for 2024,” quoted the PM while emphasizing the projections for 2024.

Although, there are some risks as well as the US flagship economic reports have revealed predictions for tighter credit conditions and higher borrowing credits. But still, the Prime Minister highlighted that the authorities will direct investments in several sectors; be it infrastructure, housing development, seaport, airport and road rehabilitation.

Associating with the investments, Global Port Holdings will commence the workings soon for the development of the cruise infrastructure of Port Castries and Soufriere Waterfront on a 30 year concessionary agreement. Further, he also added that 10% of the surplus revenue gets generated from the cruise ship operations.

Moreover, the debts of almost 20 million US dollars related to the Star Spurs cruise will be paid by Global Port Holdings (GPH). And, the allocation of technical and financial resources to road rehabilitation and construction. Further, added that the expectations are for more public investments in housing development with a major focus on providing affordable housing for low and middle-income owners while paying special attention to public servants.

Moving further, the construction of the Hironori International Airport terminal building will also start very soon in the country. Also, the work on runways, airfields and ground lighting systems will commence this year (2024).

Considerably, for the health sector, the construction of St Jude Hospital will also start this year to offer a well-equipped hospital to the public. Also, it has been projected that the works for four buildings will be completed by the middle of 2024, that is, June 2024. Thereafter, commencement for the other construction works will be carried forward.

“We will continue to grow the economy by empowering all sectors,” quoted the Prime Minister.

The government will also work on tax reform policies for more disposable income for businesses and individuals. And, legislation will also be passed which will include incentives and improvements in every sector. Adding to it, more educational opportunities will be available to the students and many workings will be undertaken considering the development of the countries.

“During 2024, the government intends to pass new legislation that encourages large local and foreign businesses to invest across all sectors of the economy,” mentioned the Prime Minister.

Significantly, the minimum and equal wage committee has even submitted a draft report to the Cabinet ministers for a livable wage for workers and to ensure food and nutrition security. Also the import substitution strategy will also be expanded for vegetable and livestock production, and the sectors like CMOS and cocoa production will be encouraged.

All in all, the growth and development in each and every sector of the region is projected keeping in mind all the past records.