ECLAC, World Bank, IMF predicts positive GDP Growth for Saint Lucia in 2024: PM Pierre

Prime Minister of Saint Lucia Philip J Pierre announced that the global financial monitoring agencies such as ECLAC, the World Bank and the IMF (International Monetary Fund) have all pointed to continued economic gains for the country in 2024. He added that they all have projected positive GDP Growth.

According to the Prime Minister, this encouraging economic outlook means better-paying jobs will be introduced for more Saint Lucians. PM Pierre noted that more businesses will eventually have the confidence to expand their operations, resulting in hiring more people. It is to be noted that Saint Lucia has witnessed consecutive years of double-digit GDP growth in 2022 and 2023. In addition to this, the national employment rate fell to 16.5% by the end of 2022, which is the lowest rate since 2013, but PM Pierre believes that there is still more work to be done. The strategic business development policies of the Prime Minister have unleashed the entrepreneurial spirit of Saint Lucia. Moreover, the government also disbursed millions in grants and soft loans to hundreds of citizens of Saint Lucia who took advantage of the MSME Loan-Grant Facility and the Youth Economy Agency.

Not only this, but the Prime Minister's management of the economy has also secured a BBB+ (Adequate) for Income and Economic Structure from the CariCRIS - Caribbean Information and Credit Rating Services Limited.

Under the leadership of PM Pierre, the Chamber of Commerce has also reported enhanced profitability for 2023. As per the reports, Foreign Direct Investment is also set to exceed the $2.5 billion mark.

It is apparant that The Pierre Administration continues to shape the fiscal policies which will make the enabling environment to ease investment, boost job creation and keep the island on course for sustained economic growth.

While stating the outlook for 2024, PM Pierre said that the UN's flagship economic report predicts tighter credit conditions and higher borrowing costs.

"Having achieved the necessary financial stability and growth milestones, in 2024, we will prioritise investments in infrastructure, housing development, seaports, airport and road rehabilitation," he added.

The Saint Lucia Labour Party has collectively worked to achieve these major developments and has also vowed to continue to working hard.