Saint Lucia’s economic sector to witness spike in 2024: Agencies

Saint Lucia: The agencies namely, World Bank, ECLAC and the International Monetary Fund monitored economic gains for Saint Lucia in 2024. It is to be noted, as per the reports the island nation is likely to witness a positive GDP growth in the ongoing year.

Notably, the overall improvement in economic condition will likely to boost the employment sector of the island nation. It will play a huge role in promoting the businesses to expand their operations by providing employment opportunities to more people.

The office of the Prime Minister of Saint Lucia noted that “it was because of PM Philip J Pierre that the island nation has recorded consecutive years of double-digit GDP growth in 2022 and 2023.” Continuing this, they stated that “the national unemployment rate fell to 16.5% by the end of 2022, the lowest rate since 2013. But there’s still work which is still left to be done.”

Moreover, the administration of Saint Lucia has claimed to have donated millions in grants and loans to hundreds of the workers of the island nation who took advantage of the MSME Loan-Grant Facility and the Youth Economy Agency.

In addition, the Office of the Prime Minister of Saint Lucia has also stated that “the Prime Minister management of the economy has also secured a BBB+ (Adequate) for Income and Economic Structure from the Caribbean Information and Credit Rating Services Limited (CariCRIS).”

The Office of the Prime Minister of Saint Lucia has also shared the GDP forecast for the year 2024. The forecast added that the ECLAC would likely witness GDP growth of 4.5%, 2.9% in the World Bank, 5.2% in the Department of Finance and 3.2% in the International Monetary Fund.

According to the reports shared by the Office of the Prime Minister of Saint Lucia, the Chamber of Commerce has reported profitability in the year 2023 under Prime Minister Philip J Pierre’s leadership.

Along with that, the administration of Philip J Pierre has promised that they will continue to frame such kind of policies which will play a huge role in accelerating job creation and will make Saint Lucia a sustainable island in terms of economy as well.

The residents of Saint Lucia have also shared their views on this report. One person with a Facebook handle Herbert Roserie commented the following “Continue on with the good job on the economy PM; which will always result in our people being put first.”