St. Lucia plans sovereign wealth fund for population of less than 200,000

 


Prime Minister Philip J. Pierre has announced the creation of a Sovereign wealth Fund to ensure the country’s long-term development. The GDP of Saint Lucia was last valued at US$2.52 billion in 2023. Per capita income has been steadily increasing for the population of less than 180,000.

The island is dependent on manufacturing, agriculture and tourism as the chief drivers of growth.

PM Pierre stated during a press briefing on Monday January 20, 2025nthat “the country performed exceptionally well last year,” despite facing “downside risks” related to climate change, inflation, and the cost of living.

Stressing the importance of saving said e cabinet will approve the nation’s Sovereign Wealth Fund within this legislative year, or by early next year (April or May at the latest).

Per capita income has been increasing steadily in the island. In 2021 it was $7655 USD, followed by $13,031 USD in 2022 and $12,400 in 2023 . Current population numbers are reported to be 179,971



According to news source voiceslu.com, Pierre emphasised the importance of the upcoming legislation, urging individuals to embrace the idea of the country prioritising savings and wealth generation through the Sovereign Wealth Fund.

“We are unwavering in our commitment to creating a legacy of wealth generation and investment in this nation. The country needs to take the lead in securing a prosperous future,” Pierre remarked.

The nation’s GDP is projected to grow by 4.3 per cent in the 2024/25 financial year, making it the fourth consecutive year of growth above 3 per cent, according to information provided by the Office of the Prime Minister (OPM).

Growth comes after economic decline during the COVID-19 pandemic, which saw GDP plummet by 24.4 per cent in 2020.

The construction sector has been bolstered by over $3 billion in private sector investments and $600 million in public infrastructure projects slated to boost growth through 2026.

In the 2025 to 2026 budget presentation Pierre said focus will be on healthcare, national security, infrastructure, education, and job creation, according to Kiera Rose at stluciatimes.com.

 Caption: Prime Minister of Saint Lucia Phillip Pierre.

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