stluciatimes, caribbean, caribbeannews, stlucia, saintlucia, stlucianews, saintlucianews, stluciatimesnews, saintluciatimes, stlucianewsonline, saintlucianewsonline, st lucia news online, stlucia news online, loop news, loopnewsbarbados

spot_img

OPM Says Businesses Thriving Under Pierre Administration

spot_img

The Office of the Prime Minister (OPM) has responded to a recent Chamber of Commerce survey by declaring that local businesses are thriving under the Philip J. Pierre administration.

The Chamber conducted the survey in February and March 2024, in which business community respondents reported a spike in sales and revenue.

An OPM release said the survey results provided ‘irrefutable evidence’ of a strong economy.

The complete release appears below:

Local businesses and the private sector confirm they’re doing better under the Hon. Philip J. Pierre-led Administration.

An independent business performance survey conducted by the Saint Lucia Chamber of Commerce, Industry and Agriculture provides irrefutable evidence of a strong economy and encouraging growth in the private sector.

Sales drive growth, and profits build wealth for businesses.

  • 77% of businesses said sales for Q4 2023 were higher than Q4 2022
  • 68% of businesses expect profits to increase in 2024

Under the Pierre-led Administration, business confidence in the local economy is growing. That confidence is inspiring expansion in the private sector.

  • 45% of businesses plan to boost investment in 2024

Increasing sales revenue, profitability, and high investor confidence in the local economy will create new jobs for many Saint Lucians.

  • 35% of businesses increased their workforce in Q4 2023

Last year, unemployment decreased to a record low of 14% nationally, and hiring trends in 2024 look promising.

  • 32% of businesses plan to hire more staff in Q1 2024

In 2023, the Pierre-led Administration stood up to the external economic threats to our economy.

To give consumers relief, the government accelerated the tax refund process, committed millions of dollars to subsidize cooking gas and fuel, suspended VAT on numerous consumer goods, and disbursed millions in back pay, income support and one-off relief payments.

Local businesses are benefiting from the largest tax amnesty programme in our history! The Prime Minister’s leadership has led to a significant reduction in government arrears to private sector service providers.

The government has paid out more than $85 million in outstanding payables since July 2021.

Government initiatives like the MSME Loan-Grant Facility, Youth Economy Agency and the Community Tourism Agency are creating new avenues for local businesses to access funding grants and soft loans to drive growth.

These strategic fiscal policies helped to subdue domestic inflation reducing it from 6.4% to 4.1% in 2023.

This year, the government will introduce new legislation offering special incentives to attract and facilitate Mega-Investment Projects in Saint Lucia.

The government is actively pursuing investment projects that will sustainably grow our economy, improve our infrastructure and provide good-paying jobs for Saint Lucians.

SOURCE: Office of the Prime Minister/SLT. PHOTO: Stock image.

 

Any third-party or user posts, comments, replies, and third-party entries published on the St. Lucia Times website (https://stluciatimes.com) in no way convey the thoughts, sentiments or intents of St. Lucia Times, the author of any said article or post, the website, or the business. St. Lucia Times is not responsible or liable for, and does not endorse, any comments or replies posted by users and third parties, and especially the content therein and whether it is accurate. St. Lucia Times reserves the right to remove, screen, edit, or reinstate content posted by third parties on this website or any other online platform owned by St. Lucia Times (this includes the said user posts, comments, replies, and third-party entries) at our sole discretion for any reason or no reason, and without notice to you, or any user. For example, we may remove a comment or reply if we believe it violates any part of the St. Lucia Criminal Code, particularly section 313 which pertains to the offence of Libel. Except as required by law, we have no obligation to retain or provide you with copies of any content you as a user may post, or any other post or reply made by any third-party on this website or any other online platform owned by St. Lucia Times. All third-parties and users agree that this is a public forum, and we do not guarantee any confidentiality with respect to any content you as a user may post, or any other post or reply made by any third-party on this website. Any posts made and information disclosed by you is at your own risk.

3 COMMENTS

  1. Did they change the meaning of “Thriving” in SLU ? Asking for a friend.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

TRENDING

Subscribe to our St. Lucia Times Newsletter

Get our headlines emailed to you every day.

Share via
Send this to a friend