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Continued Saint Lucia Economic Gains Forecast For 2024

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Global financial monitoring agencies like the World Bank, ECLAC and the International Monetary Fund point to continued economic gains for Saint Lucia in 2024!
They all project positive GDP growth.
This encouraging economic outlook means better paying jobs will open up for more Saint Lucians. More businesses will have the confidence to expand operations and hire more people.

 

Prime Minister Hon. Philip J. Pierre delivered consecutive years of double-digit GDP growth in 2022 and 2023. The national unemployment rate fell to 16.5% by the end of 2022, the lowest rate since 2013. But, there’s still work to be done.

Prime Minister Pierre’s strategic business development policies have unleashed the entrepreneurial spirit of our nation.

The government disbursed millions in grants and soft loans to hundreds of Saint Lucians who took advantage of the MSME Loan-Grant Facility and the Youth Economy Agency.

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).

Under Prime Minister Pierre’s leadership, the Chamber of Commerce is reporting improved profitability for 2023. Foreign direct investment is set to exceed $2.5 billion.

The Pierre Administration continues to shape the fiscal policies that will create the enabling environment to facilitate investment, accelerate job creation and keep Saint Lucia on course for sustained economic growth.

SOURCE: Office of the Prime Minister

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14 COMMENTS

  1. How does the smiling figures look like on the ground can anyone explain it. Growth base on borrowing and unemployment along with poverty wages. How does it add up? Are these calculations base on the massive consultant contract payment, lavish life style enjoyed by politicians on both sides along with friends and coronaries. Why can’t the BOS, present data as of last quarter of our import and export, why does it only comes out from a year past in some cases two or so. How the eff can growth develop to this level with a population of 180k and yet water, lucelec cut ppl services, going to our hospitals which is vastly under resource medically, financially and expertly? Are you basing your calculations on the amount of money you borrowed hold it for months so your data looks good? You increase vat and constantly push the citizens to bare the blunt of inflation esp. fuel when it’s been decreasing on world market? COVID come and gone and yet the so-called scarcity of goods seems to be the only justifiable reason for the constant increase of cost of living and our economy grows. Thank you sir but you won’t fool this nigg..

  2. @anonymous. If the figures were bleak you’d be the first one to jump up and say “see, PJP have to go!”. Now, with good figures y’all coming out with the usual refrain “what’s it like on the ground”. Damned if you do, damned if you don’t mentality. Nonetheless, Mr. Prime minister, continue doing what y’all have been doing for the advancement of St. Lucia. There will always be detractors.

  3. @ The Crow. Anonymous is correct. That forecast is based on the information given to the IMF, CDB etc. The information is not being fact checked. The reality is what’s happening on the ground. We all know that unemployment is not 16.5%. What is happening on the ground increases unemployment. In other words there are no signs of unemployment going down under this administration.

  4. @crow, if the figures are accurate come on why such an inflation. Which economy grow under inflation explain that on. My two cent of opinion is just a tip of the ice burg. We are in serious financial crisis. You cannot save 5% of your paycheck don’t try to summarize it by saying you are living above your means. Do you think it equates to the figures we are questioning?

  5. In other news today… Man Shot Dead at Bonne Terre

    What good is it? if the figures are looking good and the crime rate keeps on rising????

    just asking …..

  6. @ Anonymous. You are asking why the inflation? I leave it to you to istruct me in this topic because you seem to be the authority on the subject.

  7. I want the Pee on Em to explain to me how his glamorous figures, nice and rosy ain’t seems to be reaching the ordinary Saint Lucian. By all means, if the numbers are true, then it would mean that the ordinary man and woman would see the benefits in their pockets…but it appears only the big fish are the ones enjoying your plump GDP figures while ordinary Saint Lucians still face the day to day pain of higher consumer prices….you ain’t fooling anyone Mr Pee on Em…

  8. Some barely can save a dollar or shop but things are rosy. Thank God for families in the diaspora who assist during the year, paticularly for the Christmas/ new year season or else whole cor nou par bon. Only him and the elites are feeling the rosiness. Sa say torche la mais sharye la deryear. All I can say is Lucians watch your bread because 2024 is gonna be icy, dicy, choppy and mincy. An nou maray wen nou. God please help us 🙏🏼

  9. @ crow, I did do some basic research but if you wanted to know some hard facts and to have a real experience with the organizations that govern data, information etc about this island I ask you to just do a few basic stuff. It is public information
    1. Go ask MOF to present to you figures of all loans from when PJP took office you can also obtain and income and expenditure, then visit the beeroo of statistics to present to you similar data, along with import and export. Now if you are lucky then first observe if the two figures are accurate if it does do some basic maths
    . Subtract income and exp. See if there is a profit if there is a profit divide it by the estimate population then multiply it by 100. It will give you an idea of the financial affairs of this banana republic.

  10. Minister Philip, don’t allow the noise and distractors to win the day, stay focused on your great work of strengthening Saint Lucia and the Lucian people. Prayers for you and Saint Lucia’s Success. 🇱🇨

  11. Anonymous, how much money did Chastanet borrow during his term in office and what did he do with it? How many direct awards did he give? How much money did he approve for CHTTI? Finally how many passports did he sell? When you answer these then and only then you can make a statement.
    My name is Troy, don’t be a coward, write your name.

  12. Covid-19 came jobs was lost, after salaries was cut and now inflation took over we are working for less and ask to pay more but economy is growing? OK then.. come in the communities walk the streets all you see people turning alcoholic and struggling, frustration and crime on the raised. Those ministers UWP and SLP take a good look at them and people close in their circle see how they have grown profit off of keeping they people under develop. You no why I would say that it’s all lies go Barbados why is all imported food cheap and affordable, but that same supermarket Here prices are just ridiculous and government say inflation lies, don’t get me wrong there is inflation but government causing this to maintain the profit for investors

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