Population, GDP, Inflation, Business, Trade, FDI, Corruption

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Saint Lucia’s financial freedom rating is 68.7, making its overall economy the 38th freest in the 2019 Index. Its overall rating has increased by 1.1 points, with much higher ratings on fiscal health insurance and federal government spending offsetting declines in judicial effectiveness and property privileges easily. Saint Lucia is ranked 4th among 32 countries in the Americas region, and its overall score is above the regional and world averages.

Read more about Saint Lucia Economy. Saint Lucia, an island country in the Lesser Antilles known because of its two distinctive “Piton” mountains, is a two-party democracy with a bicameral parliament. Former Tourism Minister Allen Chastanet of the United Workers Party became chief executive in 2016. Saint Lucia is an associate of the Caribbean Community and Common Market and hosts the head office of the Organization of Eastern Caribbean States.

The economy depends primarily on travel and leisure, banana production, and some light production. Recent improvements in streets, communications, water supply, sewerage, and port facilities, coupled with a well-educated labor force, have attracted foreign investment. The government has prompted farmers to diversify from bananas into other vegetation, but agriculture has experienced from the lingering effects of 2016’s Hurricane Matthew.

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Saint Lucia has a good legislative construction to protect property rights, but enforcement of intellectual property privileges is normally weakened. The independent judicial system’s highest court is the Eastern Caribbean Supreme Court (ECSC); lower courts are sluggish and understaffed. Although Saint Lucia has low degrees of corruption generally, enforcement of anticorruption statutes is not necessarily effective.

The top personal income and corporate taxes rates are 30 %. Other taxes include consumption and property transfer taxes. The overall tax burden equals 24.0 percent of total home income. Over the past three years, federal government spending has amounted to 26.3 percent of the country’s output (GDP), and budget deficits have averaged 2.3 percent of GDP.

Public debt is equivalent to 71.3 percent of GDP. The regulatory environment for businesses helps entrepreneurial activity. An efficient labor market has not been developed. Application of existing labor codes is uneven, but the nonsalary cost of employing a worker is low. The IMF has suggested that the nationwide authorities eliminate nontargeted liquefied petroleum gas and food subsidies, and controversy arose in 2018 over whether the authorities should subsidize a local air travel company. The combined value of exports and imports is equal to 95 percent of GDP. The average applied tariff rate is 5.9 percent. Some agricultural imports face additional obstacles. Foreign investment is screened by the federal government, and the entire investment routine lacks efficiency. Greater usage of funding opportunities remains critical to private-sector development. The banking sector is dominated by commercial bank.

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