Although banana revenues have helped fund the country's development since the 1960s, the industry is now in a terminal decline, due to competition from lower-cost Latin American banana producers and soon-to-be reduced European Union trade preferences. The country is encouraging farmers to plant crops such as cocoa, mangos, and avocados to diversify its agricultural production and provide jobs for displaced banana workers.

Tourism was booming in 2004, firmly out of the post-September 11, 2001 recession. St. Lucia attracted nearly 800,000 cruise ship and stay-over visitors (those staying overnight on the island). Several investors have planned new tourism projects for the island, including a large hotel and resort in the southern part of the island.

St. Lucia is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency (Eastern Caribbean Dollar--EC$) for all members of the ECCU. The primary goal of the ECCB's monetary policy is to maintain the longstanding currency peg of EC $2.7 to U.S. $1. The Central Bank also manages monetary policy and regulates and supervises commercial banking activities in its member countries.

St. Lucia is a beneficiary of the U.S. Caribbean Basin Initiative and is a member of the Caribbean Community and Common Market (CARICOM). The country hosts the headquarters of the Organization of Eastern Caribbean States (OECS).