IMF Staff Country Reports

St. Lucia : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Lucia

Author/Editor:

International Monetary Fund. Western Hemisphere Dept.

Publication Date:

June 20, 2018

Electronic Access:

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Summary:

This 2018 Article IV Consultation highlights 3 percent GDP growth in St. Lucia reached in 2017, sustained by robust activity in several sectors. Favorable external conditions, coupled with hotel expansions and the addition of new flights, generated a strong recovery in tourism, with stay-over arrivals rising by 11 percent, the fastest growth in the Caribbean. Backed by strong tourism inflows, the current account balance strengthened. Unemployment declined from 21.3 percent in 2016 to 20.2 percent in 2017, but youth unemployment remains high at 38.5 percent, and labor force participation has fallen. The short-term outlook is favorable, but prospects beyond that are sobering. GDP growth is expected to remain buoyant in the near term.

Series:

Country Report No.18/179

Subject:

Article IV consultation reports Climatic changes Debt sustainability analysis Economic indicators Fiscal reforms Fiscal sustainability Nonbank financial sector Press releases Public debt Staff reports