Saint Lucia, part of the Lesser Antilles, is an island country in the Caribbean Sea. Proximate countries include Saint Vincent and the Grenadines, Barbados, and Dominica. The geography of Saint Lucia is volcanic and mountainous. The government system is a parliamentary democracyMajority rule, by which the biggest proportion of members of... and a Commonwealth realm; the chief of state is the queen of the United Kingdom, and the head of government is the prime minister. Saint Lucia has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Saint Lucia is a member of the Caribbean Community (CARICOM) and the Organization of Eastern Caribbean States (OECS).
Saint Lucia is vulnerable to a variety of external shocks, including volatile tourism receipts, natural disasters, and dependence on foreign oil. Furthermore, high public debtAlso known as National Debt. The total amount of money owed ... – 77% of GDP in 2012 – and high debtMoney owed to another person or organisation, such as a loan... servicing obligations constrain the ANTHONY administration’s ability to respond to adverse external shocks.
St. Lucia has experienced anemic growth since the onset of the global financial crisis in 2008, largely because of a slowdown in tourism – airlines cut back on their routes to St. Lucia in 2012. Also, St. Lucia introduced a value added taxA fee imposed by a government on personal or corporate incom... in 2012 of 15%, becoming the last country in the Eastern Caribbean to do so. In 2013, the government introduced a National Competitiveness and ProductivityThe rate at which goods are produced based on how long it ta... Council to address St. Lucia’s high public wages and lack of productivityThe rate at which goods are produced based on how long it ta....
Important Details
- Country ISO3 : LCA
- Country Code : 662
- Income Group : Upper middle income
- Lending Category : Blend
- Region : Latin America & Caribbean
- Currency Unit: East Caribbean dollar
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations :
- world rank : 38
- Regional Ranking : 4th in the South and Central America/Caribbean Region
