St. Lucia: 2023 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2024 Issue 068

Publication date: March 2024

ISBN: 9798400270109

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Topics covered in this book

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Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , CARTAC TA , St , Lucia economy , CARTAC country , full employment , investment portfolio , Credit bureaus , Credit , External sector statistics , Global , Caribbean

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Summary

The economy has rebounded strongly after the Covid-19 pandemic and the commodity import price shock due to Russia’s war in Ukraine; output is currently near the pre-pandemic level. Higher government revenue has narrowed the fiscal deficit, but public debt is much higher than before the pandemic. The banking sector has adequate liquidity and is profitable, but NPLs are elevated, and additional provisioning is required. Rapid credit growth in the large credit union sector is a concern, and several institutions require additional capital.