St Lucia is on course to achieve 8% growth in Gross Domestic Product this year, according to the Economic Commission for Latin America and the Caribbean (ECLAC).
If achieved, it would be the highest growth rate in the Eastern Caribbean.
According to Prime Minister Philip J. Pierre, foreign companies have put forward investment proposals worth more than $118 million so far this year.
Investment proposals focus mainly on building new hotels or resorts on the island, which attracts more than 900,000 foreign tourists annually.
St Lucia is no longer dependent solely on agriculture, with tourism accounting for more than 65% of its economy.
The arrival of foreign tourists is boosting local businesses who have seen a marked increase in revenues this year.
Meanwhile, the unemployment rate has fallen to 16% after consistently remaining above 20% for more than six years.
Acting St Lucia Governor General, Cyril E. M. Charles, said: “As a small nation we must be proud as many visitors continue to visit our shores, for recreation and relaxation. We have developed a world-class destination for honeymooners. A status we have enjoyed for many years.”
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