Prime Minister Dr. Kenny D. Anthony said the economy is delicately poised, but improving.
Prime Minister Hon. Dr. Kenny D. Anthony spoke last week, of Saint Lucia's economic growth.
He outlined the country's fiscal success in sectors such as unemployment, which decreased from 24.5 percent to 20 percent in the last quarter; tourism, which surpassed the one million mark for combined stay-over and cruise passenger arrivals; construction, which expanded by 7.4 percent; manufacturing, which grew by an estimated 13.7 percent; agriculture, with banana exports surging by 35.3 percent and investment.
"Our country is, once again, proud, resilient and on the move. However, it is also delicately poised, and all of these gains and the sacrifices we have made to get us here can be quickly undone by recklessness and irresponsible actions," Dr. Anthony said.
"Last year, [our economy] grew by 1.3 percent. We have reduced our fiscal deficit from 9.6 percent of GDP in 2012 to 3.1 percent in 2015 ΜΆ this is a remarkable reduction by any measure. Our current account surplus increased to $73.8 million in 2015 -2016, and we also registered a significantly improved performance in the primary surplus, which grew to $45.3 million in 2015-2016 from $3.7 million in 2014-2015."
The Prime Minister explained that while certain measures were not always popular, they were always implemented in the best interests of the country.
"These past four years have been a period of adjustment for our economy. [But] by our common will and collective efforts we saved our country from the IMF, and the results of our efforts have now begun to yield fruit," he said.
Government is now focused on increasing employment.
"Adjustments may well be necessary from time to time but our number one priority must remain the creation of new jobs," Dr. Anthony said. "This will be the continuing focus of government. We believe that more money must be put in the pockets of Saint Lucians by reducing on the number of persons who pay personal income taxes, reducing corporate income tax to encourage even more investment, and ensuring a fair and just property tax regime."
The country's revenue, he added must be protected to pay for hospital care, university education and the protection of the elderly, poor and vulnerable.