St Lucia receives World Bank rating as top CARICOM island for doing business

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CASTRIES, Saint Lucia — Saint Lucia continues to receive a vote of confidence from international agencies and authorities with respect to its economic performance. The latest development is the announcement on Monday that the World Bank and the International Finance Corporation have ranked Saint Lucia first in the Caribbean for doing business.

This determination was arrived at following completion of the 2012 Doing Business Report.

The ranking by the World Bank is not isolated and follows similar positive pronouncements from other internationally recognized agencies. In May 2011, the Caribbean Information and Credit Rating Services Ltd (CariCRIS) made a determination to retain Saint Lucia’s Credit Rating within a rank of positive creditworthiness. This decision was based on the following factors:

– Exchange rate stability.
– A relatively diversified economic base.
– Moderate Balance of Payments Performance; and
– Relatively low external debt and adequate import cover.

The Eastern Caribbean Currency Union (ECCU) earlier this year provided its assessment of a 4.4% growth rate for the local economy during the year 2010. This rate ranked highest in the OECS and amongst the highest in CARICOM.

An IMF press statement issued following a country mission visit to Saint Lucia from August 2 to 12, 2011, also presented a positive assessment of Saint Lucia’s economy. According to the IMF statement: "St Lucia’s economy recovered rapidly from the global crisis, supported by timely policy action by the authorities and a rebound in construction and tourism.”

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