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International Monetary Fund. Western Hemisphere Dept.
This 2018 Article IV Consultation highlights that the GDP growth in St. Lucia reached 3 percent 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.
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights St. Lucia’s GDP growth, estimated to have reached 0.8 percent in 2016, down from 1.8 percent in 2015. Strong employment growth in agriculture and construction put a dent in unemployment, which declined to 20 percent in the third quarter of 2016. Youth unemployment also fell, but remains very high at 41 percent. GDP is projected to grow at 0.5 percent in 2017, driven mostly by continued strong performance in construction and agriculture. Higher import prices, including for oil, will cause inflation to rise temporarily and, together with weak tourism expenditures, will contribute to wider external imbalances.
International Monetary Fund. Western Hemisphere Dept.

for Survey Respondents Tax Reforms and Revenue Administration FY 2018/19 (CARTAC Customs Administration): Provide training on extracting data from the ASYCUDA system to support risk management, trade facilitation and sound management. October & November 2017 (CARTAC): Building Technical Capacity in VAT Legislation June & Nov 2017 (CARTAC): Building and enhancing HQ capacity, data gathering, analysis, and program reporting March 2017 CARTAC Revenue Administration): Follow-up on Developing a Compliance Risk Management Strategy. November 2016

International Monetary Fund. Western Hemisphere Dept.

regional workshop) June 2018 (CARTAC Tax Administration): Strengthening IRD IT Business Processes & Control FY 2018/19 (CARTAC Customs Administration): Provide training on extracting data from the ASYCUDA system to support risk management, trade facilitation and sound management. October & November 2017 (CARTAC): Building Technical Capacity in VAT Legislation June & November 2017 (CARTAC): Building and enhancing HQ capacity, data gathering, analysis, and program reporting March 2017 CARTAC Revenue Administration): Follow-up on Developing a Compliance Risk

International Monetary Fund. Western Hemisphere Dept.

Establishment of a Large and Medium Taxpayers Unit. September 2015 (CARTAC Tax Administration): Technical Assistance for Amending the Corporate Income TA and Determining the Presumptive Tax Rate. September 2015 (CARTAC Customs Administration): Provide guidance & training on improving & strengthening enforcement intelligence and risk. November 2014 (CARTAC Customs Administration): Support Risk Management mission. August 2014 (CARTAC Customs Administration): TA to Montserrat Customs and Excise Department. May 2014 (CARTAC Customs Administration): Organizational

International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation explains that St. Lucia’s near-term growth prospects are favorable, supported by large infrastructure investment and robust tourist inflows. However, longer-term growth continues to be impeded by high public debt, lingering vulnerabilities in the financial system, and structural impediments to private investment. Diminishing policy buffers further weaken the country’s resilience to external shocks against the backdrop of aprecarious global outlook. Completion of long pending legislative initiatives, alongside stronger regional and domestic financial oversight, should provide banks with incentives to strengthen their balance sheets and increase the efficiency of financial intermediation. There is also a need to draw on supervisory and regulatory tools to respond to emerging risks from rising overseas investments of the banks and the rapid expansion of lending by credit unions. The authorities are recommended to should step up efforts to address the institutional, financing and capacity gaps in its climate and disaster response strategy. Supply-side reforms are needed to unlock potential growth by improving the business environment, reducing energy costs, enhancing labor productivity, and further diversifying the economy.