According to the Office, the national unemployment rate in the country is 14%.
The OPM has attributed this growth in employment to the increased development projects started by foreign direct investment.
“Saint Lucia has seen consecutive declines in the unemployment rate every year since Prime Minister Pierre came into Office in July 2021. Under his leadership, the government was able to finalise numerous foreign investment projects – building on the economic momentum from 2022,” a press statement said.
Some of the development projects include:
- Global Ports Holdings Cruise Port Development
- Marriott Hotel
- Dreams & Zoetry
- Sandals La Toc (Expansion/Upgrade)
- Hyatt Hotel
- Cabot Residences
- Secrets Resort and Spa Saint Lucia
- Cas-en-Bas Beach Resort
The OPM also says public investment into MSMEs has helped boost the local economy. Since 2022, loans and grants have been made available to small business owners to facilitate the expansion of their operations and the procurement of work equipment.
“The Youth Economy Agency and MSME Loan-Grant Facility are breaking down barriers for our youth and local entrepreneurs by connecting them with resources, training, soft loans, and grants to fund their ideas and fuel their aspirations.”
Prime Minister Pierre revealed in his 2024/25 Budget address that the Saint Lucia Government recorded a 100-million-dollar surplus on its primary accounts and announced that the government is looking to reduce its overall deficit.
The Ministry of Commerce also commenced the second call for loan and grant applications for MSMEs from April 2nd, 2024. This second call will continue the initiative of 70% grant, 30% loan started in 2022.