BUSINESS INSIDER - Some countries bounced back relatively quickly after the global financial crisis, but others aren’t doing so hot.
“Worryingly, the stalled recovery in some high-income economies and even some middle-income countries may be a symptom of deeper structural malaise,” Kaushik Basu, the World Bank’s chief economist and senior vice president, wrote.
“What is critical is for nations to use this window to usher in fiscal and structural reforms, which can boost long-run growth and inclusive development.”
We compiled a list of 10 countries with the slowest projected annual growth rate, or CAGR, from 2014 through 2017 based on the forecasts from the World Bank’s Global Economic Prospects.
Saint Lucia was listed at number five and were among countries like: Ukraine, Venezuela, Libya, Belarus, Russia, Serbia, Brazil and Yemen.
Saint Lucia
Shutterstock/Jackie Smithson
2015 GDP: -0.60%
2016 GDP: +0.80%
2017 GDP: +1.40%
2014-17 GDP CAGR: +0.15%
Economy: Saint Lucia’s tourism-dependent economy never fully recovered after tourism drastically slowed following the financial crisis. (Even airlines slashed the number of flights there.) Saint Lucia’s heavy reliance on tourism makes it vulnerable to off seasons when the global economy slows.
Source: World Bank, CIA World Factbook