Local Businesses Are Thriving under the Pierre-led Administration
Monday, June 10, 2024
by OPM
UNDER THE PIERRE-LED ADMINISTRATION, BUSINESS CONFIDENCE IN THE LOCAL ECONOMY IS GROWING.
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.