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International Monetary Fund. Western Hemisphere Dept.

, June 2013, November 2013, January 2014 (CARTAC): Budget Preparation Reform; February 2013 (CARTAC): Chart of Accounts reform. December 2013 (CARTAC): Diagnostic of PFM legislation. October 2013 (CARTAC): Improving accountability and performance of Parastatals. January 2012 (CARTAC MAC Programme): real and fiscal medium-term projections under baseline and active scenarios. May and November 2011 (CARTAC): budget preparation mission. June 2010 (CARTAC): preparation of a PFM reform action plan, PFM workshop. December 2010 (CARTAC): fiscal projections under

International Monetary Fund. Western Hemisphere Dept.

): Budget Preparation Reform; February 2013 (CARTAC): Chart of Accounts reform. December 2013 (CARTAC): Diagnostic of PFM legislation. October 2013 (CARTAC): Improving accountability and performance of Parastatals. January 2012 (CARTAC MAC Programme): real and fiscal medium-term projections under baseline and active scenarios. May and November 2011 (CARTAC): budget preparation mission. June 2010 (CARTAC): preparation of a PFM reform action plan, PFM workshop. December 2010 (CARTAC): fiscal projections under baseline and active scenarios. August 2010 (FAD

International Monetary Fund. Western Hemisphere Dept.

): Improvements to real sector monitoring frameworks to provide for rapid updating of real sector variables using high frequency indicators; January 2013, June 2013, November 2013, January 2014 (CARTAC): Budget Preparation Reform; February 2013 (CARTAC): Chart of Accounts reform; December 2013 (CARTAC): Diagnostic of PFM legislation; October 2013 (CARTAC): Improving accountability and performance of Parastatals; January 2012 (CARTAC MAC Programme): real and fiscal medium-term projections under baseline and active scenarios; May and November 2011 (CARTAC): budget

International Monetary Fund. Western Hemisphere Dept.

variables using high frequency indicators. January 2013, June 2013, November 2013, January 2014 (CARTAC): Budget Preparation Reform; February 2013 (CARTAC): Chart of Accounts reform. December 2013 (CARTAC): Diagnostic of PFM legislation. October 2013 (CARTAC): Improving accountability and performance of Parastatals. January 2012 (CARTAC MAC Programme): real and fiscal medium-term projections under baseline and active scenarios. May and November 2011 (CARTAC): budget preparation mission. June 2010 (CARTAC): preparation of a PFM reform action plan, PFM

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.
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.