St. Lucia has been named among the top 10 wealthy Caribbean nations based on Gross National Income (GNI), according to a report by the World Bank.
St. Lucia was ranked seventh with a GNI of $6,530.
In its 2014 World Development Report, the World Bank used the GNI to measure the wealth of Caribbean nations. The information is data of the bank’s main criterion for classifying economies.
The GNI per capita is the gross national income of a country divided by its total population. It is also the sum of value added by all resident producers, plus any product taxes (less subsidies) not included in the valuation of output, plus net receipts of primary income (compensation of employees and property income) from abroad, according to the World Bank.
According to the report St Lucia’s educated workforce and improvements in roads, communications, water supply, sewerage, and port facilities have attracted foreign investment in tourism and in petroleum storage and transshipment.
“The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, which is the its main source of revenue,” the report stated. “The manufacturing sector is the most diverse in the Eastern Caribbean, and the government is trying to revitalize the banana industry.”
Bahamas grabbed the top spot with a GNI of $21,280.
Here is the full list based on the World Bank report:
-St. Kitts and Nevis $13,330
-Suriname … $8,480
-St Lucia …. $6,530
-St Vincent and the Grenadines $6,380