Home » Finance » Haiti, a dire situation

Haiti, a dire situation

 

Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. Poverty, corruption, and poor access to education for much of the population are among Haiti’s most serious disadvantages. Over the longer term, Haiti needs to create jobs for its young workforce and to build institutional capacity. Haiti’s economy suffered a severe setback when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas in January 2010. Already the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the damage to Port-au-Prince caused the country’s GDP to contract an estimated 5.1% in 2010. Two-thirds of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country’s widespread deforestation. US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the legislation until 2020 under the Haitian Economic Lift Act (HELP); the apparel sector accounts for three-quarters of Haitian exports and nearly one-tenth of GDP. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP and more than twice the earnings from exports. Haiti suffers from a lack of investment, partly because of limited infrastructure and a lack of security. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. Haiti received debt forgiveness for over $1 billion through the Highly-Indebted Poor Country (HIPC) initiative in mis-2009. The remainder of its outstanding external debt was cancelled by donor countries in early 2010 but has since risen to about $400 million. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources.
Field info displayed for all countries in alpha order.
$11.48 billion (2010 est.)

country comparison to the world: 146

$12.09 billion (2009 est.)
$11.75 billion (2008 est.)
note: data are in 2010 US dollars
Field info displayed for all countries in alpha order.
$6.632 billion (2010 est.)
Field info displayed for all countries in alpha order.
-5.1% (2010 est.)

country comparison to the world: 213

2.9% (2009 est.)
0.8% (2008 est.)
Field info displayed for all countries in alpha order.
$1,200 (2010 est.)

country comparison to the world: 207

$1,200 (2009 est.)
$1,200 (2008 est.)
note: data are in 2010 US dollars
Field info displayed for all countries in alpha order.
agriculture: 25%
industry: 16%
services: 59% (2010 est.)
Field info displayed for all countries in alpha order.
4.81 million

country comparison to the world: 77

note: shortage of skilled labor, unskilled labor abundant (2010 est.)
Field info displayed for all countries in alpha order.
agriculture: 38.1%
industry: 11.5%
services: 50.4% (2010)
Field info displayed for all countries in alpha order.
40.6% (2010 est.)

country comparison to the world: 187

note: widespread unemployment and underemployment; more than two-thirds of the labor force do not have formal jobs
Field info displayed for all countries in alpha order.
80% (2003 est.)
Field info displayed for all countries in alpha order.
lowest 10%: 0.7%
highest 10%: 47.7% (2001)
Field info displayed for all countries in alpha order.
59.2 (2001)

country comparison to the world: 7

Field info displayed for all countries in alpha order.
25% of GDP (2010 est.)

country comparison to the world: 44

Field info displayed for all countries in alpha order.
revenues: $900 million
expenditures: $2.6 billion (2010 est.)
Field info displayed for all countries in alpha order.
4.7% (2010 est.)

country comparison to the world: 134

-4.7% (2009 est.)
Field info displayed for all countries in alpha order.
8% (31 December 2010 est.)

country comparison to the world: 116

8% (31 December 2009 est.)
Field info displayed for all countries in alpha order.
$970 million (31 December 2010 est.)

country comparison to the world: 139

$709 million (31 December 2009 est.)
Field info displayed for all countries in alpha order.
$3.249 billion (31 December 2009)

country comparison to the world: 131

$2.49 billion (31 December 2008)
Field info displayed for all countries in alpha order.
$960.1 million (31 December 2010 est.)

country comparison to the world: 151

$1.273 billion (31 December 2009 est.)
Field info displayed for all countries in alpha order.
$NA
Field info displayed for all countries in alpha order.
coffee, mangoes, sugarcane, rice, corn, sorghum; wood
Field info displayed for all countries in alpha order.
textiles, sugar refining, flour milling, cement, light assembly based on imported parts
Field info displayed for all countries in alpha order.
-4.8% (2010 est.)

country comparison to the world: 163

Field info displayed for all countries in alpha order.
650 million kWh (2010 est.)

country comparison to the world: 154

Field info displayed for all countries in alpha order.
309 million kWh (2010 est.)

country comparison to the world: 167

Field info displayed for all countries in alpha order.
NA kWh (2010 est.)
Field info displayed for all countries in alpha order.
0 kWh (2010 est.)
Field info displayed for all countries in alpha order.
0 bbl/day (2009 est.)

country comparison to the world: 183

Field info displayed for all countries in alpha order.
12,000 bbl/day (2009 est.)

country comparison to the world: 142

Field info displayed for all countries in alpha order.
0 bbl/day (2007 est.)

country comparison to the world: 172

Field info displayed for all countries in alpha order.
12,280 bbl/day (2007 est.)

country comparison to the world: 136

Field info displayed for all countries in alpha order.
0 bbl (1 January 2010 est.)

country comparison to the world: 141

Field info displayed for all countries in alpha order.
0 cu m (2008 est.)

country comparison to the world: 137

Field info displayed for all countries in alpha order.
0 cu m (2008 est.)

country comparison to the world: 182

Field info displayed for all countries in alpha order.
0 cu m (2008 est.)

country comparison to the world: 109

Field info displayed for all countries in alpha order.
0 cu m (2008 est.)

country comparison to the world: 197

Field info displayed for all countries in alpha order.
0 cu m (1 January 2010 est.)

country comparison to the world: 144

Field info displayed for all countries in alpha order.
$-781 million (2010 est.)

country comparison to the world: 125

$-627 million (2009 est.)
Field info displayed for all countries in alpha order.
$530.2 million (2010 est.)

country comparison to the world: 164

$550 million (2009 est.)
Field info displayed for all countries in alpha order.
apparel, manufactures, oils, cocoa, mangoes, coffee
Field info displayed for all countries in alpha order.
US 79.76%, Dominican Republic 7.24%, Canada 2.96% (2009)
Field info displayed for all countries in alpha order.
$2.727 billion (2010 est.)

country comparison to the world: 143

$1.996 billion (2009 est.)
Field info displayed for all countries in alpha order.
food, manufactured goods, machinery and transport equipment, fuels, raw materials
Field info displayed for all countries in alpha order.
US 33.11%, Dominican Republic 23.53%, Netherlands Antilles 10.75%, China 5.36% (2009)
Field info displayed for all countries in alpha order.
$1.587 billion (31 December 2010 est.)

country comparison to the world: 111

$615 million (31 December 2009 est.)
Field info displayed for all countries in alpha order.
$350 million (31 December 2010 est.)

country comparison to the world: 166

$1.362 billion (31 December 2009 est.)
Field info displayed for all countries in alpha order.
gourdes (HTG) per US dollar -
40.15 (2010)
42.02 (2009)
39.216 (2008)
37.138 (2007)
40.232 (2006)
Share in top social networks!

Leave a Reply