SAINT LUCIA HAD THE BEST PERFORMING ECONOMY AT THE CLOSE OF 2022, COMPARED TO OTHER ECCU MEMBER STATES.

The end of the year 2022 signaled Saint Lucia’s economic turnaround under the stewardship of Prime Minister and Minister of Finance, Hon. Philip J. Pierre.

GDP growth at the close of 2022, projected by the Economic Commission for Latin America and the Caribbean (ECLAC) and the Ministry of Finance stands at 9.5 percent—the best performing economy compared to Barbados and other member states of the Eastern Caribbean Currency Union.

In spite of a multitude of economic headwinds; supply chain disruptions, the ongoing conflict in Ukraine, record high inflation and instability on the global crude oil market, government successfully introduced fiscal policies to shield Saint Lucian consumers and simultaneously create conducive economic conditions to encourage expansion and attract investment.

The performance of the local business sector, as reported by the Saint Lucia Chamber of Commerce, indicated its membership benefitted from increased profitability in 2022. And, by the end of the third quarter of 2022, the national employment rate stood at 81.8 percent. In addition, the youth unemployment rate dropped to 27 percent in the third quarter—the lowest rate recorded for the period July – September since 2013.

Despite the presumed economic uncertainties forecast by regional and international finance hawks in the coming year, growth prospects for Saint Lucia’s economy is within reach.