Unemployment declines in Saint Lucia, 14% rate recorded in 2023: PM Pierre - WIC News

Source: WIC News
Author: Monica Walker

Saint Lucia: Prime Minister Philip J Pierre announced that the unemployment rate in Saint Lucia has declined to its lowest rate in over a decade. At the close of 2023, the rate averaged 14 percent nationally.

While speaking during a parliament session, PM Pierre said that his administration has inspired confidence in the local economy and the youth of the country.

Also, the policies executed by his administration stimulate economic activity and connect ordinary Saint Lucians with new job opportunities.

The country has seen consecutive declines in the unemployment rate every year since PM Pierre assumed the office in July 2021. The decline in the rate of unemployment has been going on as follows:

21.9% - 2021

16.5% - 2022

14% - 2023

He said that 2023 was one of the best years for job creation in Saint Lucia and added that last year's hiring surge significantly caused a significant reduction in the unemployment rate to a record low of 14%. The numbers clearly show that the rate has declined considerably within the last three years.

In addition to this, the government was able to finalise several foreign investment projects, building on the economic momentum from 2022.

"Small businesses are vital for our economic development, and the government is investing heavily in the micro, small and medium enterprise sector," outlined PM Pierre.

He further highlighted that the Youth Economy Agency and the MSME loan Grant facility are breaking down barriers for the youth and local entrepreneurs of Saint Lucia. This is done by connecting them with resources, training them with soft loans and grants to fund their ideas, and fueling their aspirations.

In addition to this, PM Philip J Pierre noted that local businesses are also benefiting from the encouraging economic comeback post Covid 19 with the Saint Lucia Chamber of Commerce confirming that its members hired more workers and reported increased profitability in 2023.

While reiterating his dedication and commitment towards enhancing the island nation, he outlined that he is leading a cabinet of ministers and heads of government that will continue implementing the right mix of economic policies.