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Finance director predicts economic growth for Saint Lucia during 2010

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Contact: Shannon Lebourne

Monday, November 23, 2009 – The Director of Finance Mr. Issac Anthony has expressed confidence that Saint Lucia will realize solid economic growth in the next financial year. Mr. Anthony made the projection while indicating that Saint Lucia's economy had already began recovering from the global economic crisis.

The director of finance says he expects the tourism and construction sectors to lead the way in economic growth that has been projected for the next financial year. “It was indeed a bad year for the economy and everyone expected it the world over. However, we are beginning to see signs of a recovery in the global economy and also here in Saint Lucia. I am reasonably confident that we will see positive growth in the economy particularly in the tourism and construction sectors,” Anthony said.

Meanwhile, the director of finance has underscored the importance for the private sector to work alongside government, to fuel economic activity in the country. Mr. Anthony says sustained economic growth cannot be achieved without the contribution of the private sector. “I would like to encourage the private sector to continue to support the government in its efforts to facilitate business expansion and increased economic activity, by honouring payments of corporate and property taxes, embracing corporate social responsibility, and becoming an advocate of good governance by persuading government to focus on executing its core functions in an effective and efficient manner.”

With tourism being the number one revenue generating sector in Saint Lucia, government recently propped up the industry via a stimulus package—a move indicative of government’ s commitment towards supporting economic activity on the island.

However, new programmes coupled with increased financial support in the areas of agriculture and manufacturing, are all strategic efforts by government to position Saint Lucia's economy to withstand the brunt of the tough economic situation.

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