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
