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68.2 Saint Lucia SAINT LUCIA aint Lucia’s economic freedom score is 68.2, making its economy the S 50th freest in the 2020 Index. Its overall score has decreased by 0.5 point due to a lower government integrity score. Saint Lucia is ranked 7th among 32 countries in the Americas region, and its overall score is well above the regional and world averages. WORLD RANK: REGIONAL RANK: Saint Lucia’s economy is in the moderately free category for the fourth 50 7 straight year, having fallen from the mostly free ranks in 2017. GDP growth for the past five years has been very modest. ECONOMIC FREEDOM STATUS: MODERATELY FREE The economy of Saint Lucia has benefitted from a business-friendly entrepreneurial climate and foreign direct investment in its leading sec- tors, but greater economic freedom is hindered by relatively rigid labor laws, a lack of financial freedom, and persistent government corruption that compromises government integrity. Several state institutions are responsible for combating corruption, but their effectiveness is limited by a lack of resources. ECONOMIC FREEDOM SCORE ▼ DOWN 0.5 POINT 68.2 0 50 60 70 80 100 REGIONAL AVERAGE WORLD (AMERICAS REGION) 60.0 61.6 AVERAGE HISTORICAL INDEX SCORE CHANGE (SINCE 2009): –0.6 RECENT FREEDOM TREND QUICK FACTS POPULATION: UNEMPLOYMENT: 70.0 0.2 million 20.9% 68.7 67.6 68.2 GDP (PPP): INFLATION (CPI): 65.0 $2.5 billion 1.9% 1.0% growth in 2018 5-year compound FDI INFLOW: $135.1 million annual growth 1.8% $14,355 per capita PUBLIC DEBT: 66.8% of GDP 2018 data unless otherwise noted. Data compiled as of September 2019 BACKGROUND: Saint Lucia, an island nation in the Lesser Antilles known for its two distinctive “Piton” mountains, is a two-party democracy with a bicameral parliament. Former Tourism Minister Allen Chasta- net of the United Workers Party became prime minister in 2016. Saint Lucia is a member of the Caribbean Community and Common Market and hosts the headquarters of the Organization of Eastern Caribbean States. The economy depends primarily on tourism, banana production, and some light manufacturing. Recent improvements in roads, communications, water supply, sewerage, and port facilities, combined with a well-educated workforce, have attracted foreign investment. The government encourages farmers to diversify from bananas to other crops and prioritizes growth of the communications and information technology sectors. 388 2020 Index of Economic Freedom WORLD AVERAGE | ONE-YEAR SCORE CHANGE IN PARENTHESES 12 ECONOMIC FREEDOMS | SAINT LUCIA RULE OF LAW GOVERNMENT SIZE (+3.9) (–1.2) (–8.5) (+0.7) (+1.3) (+2.5) 69.8 62.6 41.8 76.9 80.6 83.8 Property Judicial Government Tax Government Fiscal Rights E ectiveness Integrity Burden Spending Health Civil law protects physical property and mortgage claims. The top personal income and corporate tax rates are 30 Special licenses are required to acquire land, develop percent. Other taxes include consumption and property buildings, and expand existing construction and for the transfer taxes. The overall tax burden equals 22.5 percent of tourism industry. The independent judicial system operates total domestic income. Government spending has amounted under the Eastern Caribbean Supreme Court; lower courts are to 25.5 percent of the country’s output (GDP) over the past understaffed and slow. Although Saint Lucia has generally low three years, and budget deficits have averaged 2.1 percent of levels of corruption, there have been some widely publicized GDP. Public debt is equivalent to 66.8 percent of GDP. allegations against government officials. REGULATORY EFFICIENCY OPEN MARKETS (+0.4) (–2.8) (–1.9) (No change) (No change) (No change) 76.7 66.4 82.0 73.2 65.0 40.0 Business Labor Monetary Trade Investment Financial Freedom Freedom Freedom Freedom Freedom Freedom It takes 11 days and five procedures to start a business in Saint The total value of exports and imports of goods and services Lucia and two years and 9 percent of an estate’s value to equals 80.0 percent of GDP. The average applied tariff rate is resolve insolvency. Saint Lucia’s high labor market rigidities 5.9 percent, and time-consuming nontariff barriers and poor contribute to its high level of structural unemployment. trade infrastructure further raise costs. Long-term foreign In 2019, Prime Minister Chastanet said the government direct investment is scarce, with bureaucracy deterring invest- would consider a request for a $600,000 subsidy payment ment. A considerable portion of the population is outside the to regional air carrier LIAT if the airline undertook signifi- formal banking sector, and access to financing is limited. cant restructuring. The Heritage Foundation | heritage.org/Index 389.
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