Saint Lucia’s economy is experiencing a remarkable turnaround. The nation’s GDP is projected to grow by 4.3% in the 2024/25 financial year, making it the fourth consecutive year of growth above 3%, according to information provided by the Office of the Prime Minister (OPM).
The OPM observed that the economic success comes after years of a sharp economic decline during the COVID-19 pandemic, which saw GDP plummet by 24.4% in 2020.
An OPM release explained that to tackle this, the Saint Lucia Labour Party (SLP) government introduced bold fiscal and economic policies that have not only stabilised the economy but also set it on a path of sustained growth.
It stated that the recovery has been driven by key sectors like construction and tourism. Tourism, a vital pillar of the economy, has surpassed pre-pandemic levels, with stay-over arrivals from January to October 2024 exceeding 2019 figures.
In addition, the construction sector has been bolstered by over $3 billion in private sector investments and $600 million in public infrastructure projects slated to boost growth through 2026.
On Thursday, Prime Minister and Minister for Finance, Philip J. Pierre committed to transparency and inclusiveness as he began meetings with the heads of departments of various government agencies to prepare for the 2025-2026 budget.
Pierre’s meetings with government department heads aim to evaluate national priorities, review ongoing projects, and address emerging challenges.
The OPM said focus areas include healthcare, national security, infrastructure, education, and job creation, emphasising strategic investments to tackle the nation’s pressing issues
What a joke
Huh! Which economy? The underground? The illicit?
A drowning man will catch at a straw.PJP expect us to believe that crap.Why is it we are in a worst position than before?
You are the BOSS Mr. PM. They can make jokes about your speech impediment and your speech delivery but you are the economics GURU! Now take that Chas and smoke it.
Keep it up Pierre I rather St Lucia be governed by trined economists rather than “a shady business man” with their unrealistic hear my dear I present to you Dubai Trickle down economics 101. We are a tiny nation with very limited resources, correction no natural resources with an European mindset and a American appetite for everything so we are always borrowing to meet this crave by the populace by selling our souls or our borrowing against our only ace card, our seat at the UN table. Always invest in our agriculture for our own local consumption to feed the masses to offset that huge import bill we can’t feed the world it’s a crowded field. Strengthen your investment portfolio by engaging regional conglomerates about setting up shop in St Lucia to build our blue collar, we must learn to do business amongst ourselves and stop the dependency on the big three. Crime has its impact, so you must revamp or introduce new laws and legislations during your tenure to curb this monster however unpopular or unorthodox it may be drastic times calls for drastic measures. Remember, many yellow clowns WILL NEVER give you credit for you policies, if it’s NOT WHITE it can’t be right in their mindset we saw how they dealt with King when he was PM, everything will never be perfect due to certain circumstances beyond our control, but the critics will still want you to squeeze apples out of oranges.
More than I joke. I am a student of economics and I know what economic indicators mean in the truest sense
Peep that won’t save your skin our pickets tell a different story
Of course it is. For your friends and family!!
The Economy is thriving. All parlaimentarians hv more properties than they had in 2020. Persons seating by the road hv cut more grass than previous years. Non skilled politically aligned persons are now holding top positions. Those ppl econmies are thriving. Mine isn’t Inflation is killing my pocket right now. Thinking thrice before i drive fuel is sooo high. Trying to avoid Massy at all cost. So I for sure eh feeling no economy booming. I cyah build condos, I cyah afford Hilux. So whoever is feeling the boom in the economy. Link me and tell what must i do. I am a working man doing normal things but nowadays i struggking to send my sons to school.
Only white collar thieves enjoying that economy…..and the rest of the slaves must starve..
.that’s life
Naturally inflation causes GDP to increase which is why you must always adjust for inflation. I really hope that 4.3% takes into consideration the inflation rate which none of these politicians can give the correct numbers to.
And what do we give God in return ???
Let the ‘unexpected ‘ begins !
Give The Almighty the glory for PJP. The last Cabinet was s/elected by Satan. lol lol lol
I have tried several times to post my reaction to the patently false message in this article, which I characterized accurately as pure stenography, not journalism.
However, St. Lucia Times has seen it fit to censor my post for the following:
***I directly refuted the assertion by the OPM release that the St. Lucia economy is thriving under Pip. GDP is not a valid measure of the economy’s state since it does not take ordinary citizens’ living conditions into consideration.
***I showed how the figures put out by the OPM were demonstrably false; mathematically, it does not compute that 4 straight years of 3%+ GDP growth, can offset the 24.4% decline in 2020.
***I inferred that Pip’s refusal to bring his case directly to the people was because his growth figures were all bombast & no reality for the voters; the very opposite of his supposed commitment to “transparency & inclusiveness”; that the only participation he sought from voters was their unconditional vote every 5 years.
***I contended that the OPM release was merely an ad campaign for Pip; fully-loaded with chicanery, subterfuge, duplicity & propaganda; the very opposite of truth in advertising.
***I then challenged the populace of St. Lucia to put aside their mental laziness & consider that none of the parties (SLP/UWP) were in the game of politics to improve their lives & livelihoods; that they should use the link I provided to learn what their civic duties really entailed – learning, then acting against how the duopoly lies & schemes to usurp the will of the people for their personal gain, as well as for the gain of the unnamed donors financing their electoral campaigns.
The Dialectic At Work Podcast
https://www.youtube.com/playlist?list=PLPJpiw1WYdTNG2siFX1tcUPlY38xs_4Rj
I believe that the St. Lucia Times censored my post because I gave solid reasons for my criticism, while it felt comfortable to allow criticism which did not provide reason nor calls to action from fellow readers & citizens (e.g., “What a joke”; “Huh! Which economy? the underground? The illicit?” “A drowning man will catch at a straw. PJP expect us to believe that crap. Why is it we are in a worst position than before?”). If there is a sliver of honest journalism available from the St. Lucia Times, it will publish my last post in full, and perhaps, regain the trust of their readers. Let’s see!
What usually happens is that the employees at St. Lucia Times will wait till this headline article is taken off the front page of the website, then slip in what they consider a troublesome comment, knowing full well that it will not be seen by the readers who will have been distracted by a new & shiny article.