Tue | Sep 26, 2017

IMF says St Lucia's economy has returned to positive growth

Published:Wednesday | November 25, 2015 | 11:30 PM

The International Monetary Fund (IMF) says the St Lucia economy has returned to positive growth after experiencing a recession in 2012 and close to zero growth the following year.

It says gross domestic product (GDP) reached zero point five per cent in 2014 and is expected to accelerate to 1.6 per cent this year, driven by the tourism and transportation sectors.

Leo Bonato, the IMF Deputy Division Chief, who led an IMF mission on a two-week visit to the island, says the recovery provides an opportunity to address long-standing issues that affect the performance of the St Lucian economy.

He says reducing public debt and improving competitiveness are key to improving medium-term growth prospects and reduce high unemployment.