PM Philip J Pierre addresses Budget Policy 2023-24, highlights advancement of Saint Lucia Economy

Saint Lucian Prime Minister Philip J. Pierre, who is also serving as the Minister for Finance, Economic Development and the Youth Economy, addressed the Budget 2023-24 of Saint Lucia recently and shared some of the significant points about Saint Lucia‘s economy. At first, the Prime Minister conveyed that the country has stood up effectively against all norms. The government has worked consistently to make economic gains and secure and empower the country’s citizens.

The Prime Minister also expressed his pleasure by highlighting the various sectors working consistently to improvise the Saint Lucia economy. The Prime Minister shares an increase in the GDP growth rate in Saint Lucia, which is raised with the vast difference in Saint Lucia as of 2021, from 12.2% to 18.1 % in 2022.

The Prime Minister also shared about the advancement and growth of the health and crime sector in Saint Lucia, which has enhanced in many ways and is ensuring the proper supply of health and basic necessities to the people and ensuring the adequate safety of the people and access to quality and affordable healthcare. He mentioned that the government’s first responsibility is to ensure its citizens’ proper health.

The Prime Minister also highlights the COVID-19 situation in Saint Lucia and the Caricom Region and its recovery from the health system. The Prime Minister shared the COVID-19 situation in Saint Lucia and the Caricom region. The Caricom region experienced a more vibrant economic recovery from the covid-19. Pandemic estimates show that most CARICOM territories recorded favourable economic growth rates in 2022, driven by strong.

Apart from these, Prime Minister Philip J. Pierre also highlighted some of the other significant advancements of Saint Lucia, the Prime Minister emphasised the decline in unemployment rates. He stated that the latest unemployment rate on December 22 was 19%, with youth unemployment at 25.9%. Both being the lowest since 2010.

He also shared about Saint Lucia as the second largest contributor to wholesale and retail activity. he estimated that the wholesale and retail sector of Saint Lucia grew by 23.7% and contributed around 10.6% of total real GDP growth.