St. Lucia: Staff Report for the 2003 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 397

Publication date: December 2004

ISBN: 9781451823189

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Economics- Macroeconomics , Public Finance , Industries - Hospitality Travel and Tourism , ISCR , CR , staff appraisal , interventionist government , government , authorities of St , Lucia , revenue side , a number of one-off revenue measure , Public sector , Caribbean

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Nepal

Grenada

Republic of Congo : 2001 Article IV

Summary

This 2003 Article IV Consultation highlights that after a contraction in GDP of more than 4 percent in 2001 and only a marginal expansion in 2002, the pace of economic growth in St. Lucia accelerated in 2003 to 3.7 percent, driven by a rebound in tourism of close to 17 percent. Despite the pickup in growth, the overall economic situation remained difficult in 2003, as an ongoing recovery in the tourism sector has not spilled over to the whole economy. Unemployment remained high, and bank credit to the private sector is declining.