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St Lucia tops region in business survey:Diverse economy, low debt
Published:
Friday, November 4, 2011
St Lucia continues to receive a vote of confidence from reputable international agencies and authorities with respect to its economic performance. The World Bank and the International Finance Corporation have ranked St Lucia first in the Caribbean—52 out of 183 economies—for doing business. This determination was arrived at following completion of the 2012 Doing Business Report.
The World Bank ranking by the World Bank follows similar positive pronouncements from other internationally recognised agencies. In May 2011, the Caribbean Information and Credit Rating Services Ltd, retained St Lucia’s credit rating within a rank of positive creditworthiness. This decision was based on the following factors:
• exchange rate stability
• relatively diversified economic base
• moderate balance of payments performance
• relatively low external debt
• adequate import cover
The Eastern Caribbean Currency Union (ECCU) earlier this year provided its assessment of a 4.4 per cent growth rate for the local economy during the year 2010. This rate ranked highest in the Organisation of Eastern Caribbean States (OECS) and amongst the highest in Caricom.
How the region ranked:
T&T and Jamaica, which have traditionally been seen as major corporate centres in the region, were ranked at 68 and 88, respectively. St Lucia, which is ranked at 52, held its own against the other Caricom states. The next highest ranking fell to St Lucia’s fellow Eastern Caribbean state, Antigua and Barbuda, with a ranking of 57. The Bahamas was placed at 85.
Jamaica was the only Caribbean country to be highlighted as an example of territories that make it easy to register property, thanks to its using an electronic database for encumbrances. Barbados did not feature in the ranking at all.
St Kitts and Nevis: 95
St Vincent and the Grenadines: 75
The aforementioned two have been increasingly promoting their reputation as international business centres.
Other Caricom nations that made it to the top 100:
Belize: 93
Dominica: 65
Grenada: 73
Guyana: 114
Haiti: 174
Overall, Singapore remains the top-ranked country for doing business, followed by Hong Kong, New Zealand, the United States, Denmark, Norway, the United Kingdom, South Korea, Iceland and Ireland.
(Caribbean360)
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