Nearshore Americas
Saint Lucia Economy

Tourists Return to Saint Lucia, Feeding Expecations of an Economic Boom

Saint Lucia is on course to achieve 8% growth in GDP this year, according to the Economic Commission for Latin America and the Caribbean (ECLAC).

If achieved, it would be the highest growth rate in all of the Eastern Caribbean, which includes countries such as Dominica, Bermuda and the Cayman Islands.

According to Philip J. Pierre, the country’s new Prime Minister, foreign companies have put forward investment proposals worth more than US$118 million so far this year.

Investment proposals focus mainly on building new hotels or resorts on the island, which attracts more than 900,000 foreign tourists annually.

Saint Lucia is no longer dependent on agriculture, with tourism accounting for more than 65% of its economy.

The arrival of foreign tourists is boosting the sentiments of local businesses. In a survey conducted by the country’s Chamber of Commerce, a large majority of businesses expressed confidence in recouping the losses suffered during the COVID-19 pandemic.

Around 59% of businesses stated that they had made more money between January and March of 2022 compared to the same period last year.

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Meanwhile, the unemployment rate has fallen to 16% after consistently remaining above 20% for more than six years.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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