Castries, Saint Lucia: Saint Lucia is projected to witness growth in its economic sector in the year 2024. The information has been released by global financial monitoring agencies like the World Bank, ECLAC and the International Monetary Fund.
It is to be noted that the improved economic sector fosters employment opportunities for the people of the Federation, and it will support entrepreneurs in promoting and expanding their business operations.
The update has been shared by the official Facebook handle of ‘The Office of the Prime Minister of Saint Lucia’, which stated that “Prime Minister Hon. Philip J. Pierre delivered consecutive years of double-digit GDP growth in 2022 and 2023.” Noting this, it remarked, “The national unemployment rate fell to 16.5 per cent by the end of 2022, the lowest rate since 2013. But there’s still work to be done.”
Further to this, the nation has witnessed a spike in the economic sector under the stewardship of Prime Minister Pierre, as the Chamber of Commerce is counting on improved profitability for 2023. It is worth mentioning that the foreign direct investment is set to exceed $2.5 billion.
Notably, with the support of the MSME Loan-Grant Facility and the Youth Economy Agency, many Saint Lucians donated millions in grants, and the government of Saint Lucia has also offered loans to them.
Moreover, the country’s entrepreneurial base is unshakeable due to PM Pierre’s strategic business plans and his development policies.
“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)”, highlighted the Office of the Prime Minister of Saint Lucia.
Further, PM Pierre’s fiscal policy in the last year reshaped the country’s economy in a profitable manner, and his administration is consistent in implementing these fiscal policies as they will enhance job creation opportunities and offer an environment to facilitate investments.
On course for sustained economic growth, PM Pierre and his government left no stone unturned to support the local businesses in the country.